Dogecoin Price Plummets amid Crypto Market Sell-Off

加密货币市场抛售导致狗狗币价格暴跌

Dogecoin (DOGE) has faced a precipitous decline in recent days, reaching its lowest level since November 11th. The cryptocurrency has lost nearly 45% from its monthly high, signaling a severe bearish trend.

狗狗币（DOGE）近几日面临急剧下跌，触及11月11日以来的最低水平。该加密货币已较月度高点下跌近 45%，预示着严重的看跌趋势。

Factors Contributing to the Crash

导致坠机的因素

Dogecoin's crash is attributed to escalating apprehension within the crypto industry, fueling panic selling among investors. Cryptocurrency remains highly susceptible to volatility due to its predominantly retail investor base with shorter investment horizons.

狗狗币的暴跌归因于加密货币行业内部不断升级的担忧，加剧了投资者的恐慌性抛售。由于其以散户投资者为主且投资期限较短，加密货币仍然极易受到波动的影响。

Wyckoff Method Analysis

威科夫方法分析

DOGE's retracement suggests it has entered the markdown phase of the Wyckoff Method, after a prolonged distribution phase. The Wyckoff Model identifies four distinct phases: accumulation, markup, distribution, and markdown.

DOGE 的回调表明，在经历了长时间的派发阶段之后，它已进入威科夫方法的降价阶段。威科夫模型确定了四个不同的阶段：积累、加价、分配和减价。

Phases of the Wyckoff Model

威科夫模型的各个阶段

In the case of Dogecoin:

以狗狗币为例：

• Accumulation phase: Limited price fluctuation from April to November.
• Markup phase: Parabolic rise driven by increased demand surpassing supply.
• Distribution phase: Price stabilization as informed investors sold.
• Markdown phase (current): Excess supply over demand leads to panic selling.

Influence of Elon Musk's Initiative

吸筹阶段：4 月至 11 月价格波动有限。加价阶段：需求增加超过供应，推动抛物线上涨。派发阶段：知情投资者抛售，价格稳定。降价阶段（当前）：供过于求导致恐慌性抛售。埃隆·马斯克的倡议

Dogecoin's decline has also been influenced by skepticism toward Elon Musk's "Department of Government Efficiency" initiative. Musk and Vivek Ramaswamy's proposal to slash government spending by over $2 trillion has met with skepticism from analysts, who argue such measures face substantial regulatory and political obstacles in the government context.

狗狗币的下跌也受到了对埃隆·马斯克“政府效率部”倡议的怀疑的影响。马斯克和维韦克·拉马斯瓦米提出的削减超过 2 万亿美元政府支出的提议遭到了分析师的怀疑，他们认为此类措施在政府背景下面临着巨大的监管和政治障碍。

Technical Price Analysis

技术价格分析

DOGE's price peaked at $0.4853, a key level near the overshoot of the Murrey Math lines tool. It has since fallen beneath the 50-day moving average and the strong pivot release.

DOGE 的价格达到 0.4853 美元的峰值，这是接近 Murrey Math 线工具超调的关键水平。此后，它跌破了 50 日移动均线和强劲的枢轴释放。

Potential Support and Resistance Levels

潜在支撑位和阻力位

• $0.2293: Highest swing in March and aligns with the cup and handle pattern's horizontal line.
• $0.1953: Major support/resistance pivot, approximately 30% below the current price.

Caution against Dead Cat Bounce

0.2293 美元：3 月份的最高波动，与杯柄图案的水平线对齐。0.1953 美元：主要支撑/阻力枢轴，比当前价格低约 30%。警惕死猫反弹

Investors should be wary of a potential dead cat bounce when considering purchasing a dip. This phenomenon occurs when an asset momentarily rises within a downtrend before resuming its decline.

投资者在考虑逢低买入时应警惕潜在的死猫反弹。当资产在下跌趋势中短暂上涨然后又恢复下跌时，就会出现这种现象。