Dogecoin (DOGE) is in crisis! Bearish signals are frequent, and the price may plunge by 20%

The cryptocurrency market is undergoing dramatic changes, and Dogecoin (DOGE) is facing an unprecedented crisis! Recently, a mysterious wallet transferred as many as 146.6 million Dogecoins, worth a total of $56.5 million, to the cryptocurrency exchange Robinhood, an act that undoubtedly casts a huge shadow over the market.

In the cryptocurrency realm, assets flowing from wallets to exchanges are often seen as an ominous sign because it usually indicates that these assets are about to be sold off. The large-scale transfer of Dogecoin has undoubtedly intensified the market's panic, and a selling frenzy seems imminent.

More critically, technical analysis also indicates bearish signals. Dogecoin has formed a shooting star candlestick pattern at the key resistance level of $0.42, a pattern that often signals a price drop. At the same time, Dogecoin is showing a clear downward trend, further confirming the bearish movement.

According to professionals' predictions, if Dogecoin continues to hover below $0.42, its price is highly likely to plummet by 20% in the coming days, dropping to a low of $0.35. This bearish inference will be more convincing if Dogecoin's trading price falls below $0.42; otherwise, it may not hold.

Although the 200-day Exponential Moving Average (EMA) shows an upward trend within the daily trading timeframe, this seems unable to mask the enormous crisis facing Dogecoin. For investors, it is crucial to remain highly vigilant and closely monitor market dynamics to respond to potential risks.

The crisis of Dogecoin is imminent, bearish signals are frequent, and the risk of a price plunge is continuously accumulating. In this changing landscape of the cryptocurrency market, how will investors choose? Let's wait and see! #Marvin #加密市场反弹 #XRP逆势反弹 $XRP $1MBABYDOGE $DOGE