Dogecoin plummets! Bottom-fishing army trapped, when will the release be a mystery?
Many people are talking about Dogecoin $DOGE , and many bought at prices above 0.4, resulting in being trapped. This price level was also previously recommended by many bloggers as a bottom-fishing opportunity, and now most are losing 25% to 30% or more.
Now, everyone wants to know, what should we do? Is there still a chance to turn things around?
First, we need to understand why Dogecoin was able to rise before?
I think there are three reasons: first, the entire market was rising in early November, the overall environment was good;
Second, Musk stirred the pot, he even created a D.O.G.E department, which made Dogecoin even more popular;
Third, cyclicality, there are always a few waves of meme coins and altcoins each year, the last one was in March, it's all about sector rotation.
But what about now?
The overall market is falling, Bitcoin and altcoins are in a downtrend, the first condition is gone.
Musk has recently made his statements, and the market has reacted, many people haven't cut losses yet, they are still digesting the bubble. It seems Musk won't make any more announcements in the short term, so the second condition is also gone. As for cyclicality, the overall market is declining, so there’s no sector rotation left, just a rotation downward.
Therefore, I personally feel that it’s a bit difficult for Dogecoin to return to above 0.4 in the short term. A market rebound is possible, but to get out of the trap all at once is not easy.
My suggestion is to switch positions! Move to the ecological leaders in other sectors, find those coins that haven't risen much and are at the bottom.
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