$DOGE has recently encountered some trouble, with prices dropping for three consecutive days, just like Shib, Floki, and Doge, all in a pullback. Now it is rumored that 5.8 billion Dogecoins are about to move, and everyone has started to research whether this can help Dogecoin bounce back.
This month, Dogecoin's price has been like a roller coaster, dropping to around $0.36. Those who made money have started to withdraw their investments, and the market sentiment for Dogecoin has turned pessimistic. Think back to November when Dogecoin soared; it was truly glorious, but now it's a complete turnaround!
Looking at the data, the tense atmosphere in the crypto market is becoming more pronounced, with both the fear and greed indexes declining. Although Dogecoin increased nearly fivefold from July to November, many traders took the opportunity to sell.
In the short term, Dogecoin's price does not look very optimistic. An analyst named Gonzo said that Dogecoin is currently being suffocated by the 100-day moving average (at $0.4073). Of course, if it can break through the 100-day moving average, then Dogecoin might have a chance to rise again.
From a technical chart perspective, Dogecoin's price seems to be forming a bullish signal, like a little flag is being raised. Although it is still struggling at the bottom, you never know when it might turn around!
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