Dogecoin Bear Market Question: Where is the Bottom?

With the Federal Reserve's policy announcement, the crypto sphere has been in constant turmoil, and Dogecoin (DOGE) is at the forefront, falling into a plummeting crisis.

In the past five days, Dogecoin has continued to decline, hitting a new low since November 11, and compared to the high point at the beginning of the month, the drop is approaching 45%, with a more intense bear market atmosphere. This significant drop is due to two reasons: first, panic in the crypto sphere has spread, leading retail investors to panic sell; second, according to the Wyckoff theory, Dogecoin has entered a depreciation phase, having completed the accumulation, markup, and distribution phases. Now there is more supply than demand, causing the price to plummet.

Elon Musk's government efficiency plan has also worsened the situation, with layoffs and spending cuts encountering obstacles in the government, making the Dogecoin market increasingly unstable. Currently, Dogecoin has fallen below key support and the 50-day moving average, and the accumulation/distribution indicator is trending down, making the situation grim.

Investors are closely watching the $0.2293 mark, which is the high point from March. If it cannot be maintained, the price could drop another 30%, approaching $0.1953. Those looking to buy the dip should be cautious of a "dead cat bounce" and not rush in.

Additionally, El Salvador is accelerating its purchase of Bitcoin, and the Musk-themed 𝑝𝑢𝑝𝑝𝑖𝑒𝑠 project on the Ethereum chain is emerging, with a novel concept that investors may want to pay attention to, as it could uncover new opportunities.

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