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In the past 24 hours, Dogecoin (DOGE) has dropped by 4.11%, with the price falling from a recent high of $0.48 to $0.3832, marking its continued consolidation and downward trend over the past few days.

Since then, DOGE's price has been hovering between $0.42 and $0.37, failing to break through higher levels. This price retracement has raised concerns in the market about its future direction.

Market sentiment turns negative

Renowned crypto analyst Ali Martinez believes that the current market sentiment for Dogecoin has turned negative, with buyers fatigued and sellers in control. As prices consolidate, traders' patience is gradually wearing thin, and market sentiment has shifted from bullish to bearish, reflecting disappointment over price breakouts.图片

RSI indicator declines

RSI (Relative Strength Index) is an important technical indicator often used to measure the strength of market sentiment. Over the past 10 days, DOGE's RSI has declined, indicating that most investors are selling to take profits and avoid further losses. This further confirms the view that sellers are dominating the market.图片

Bears dominate the market

According to Coinglass data, bears have dominated the market in the last 24 hours, with short positions accounting for 54% of total trading volume, rising to 64% in the 4-hour timeframe, indicating that most investors expect DOGE's price to decline further.

Technical chart analysis: Downtrend strengthens

From the DOGE technical chart, the bullish momentum has faded, showing stronger downward pressure.

Future price prediction: May drop to $0.367

Considering the changes in market sentiment and the current technical indicators, DOGE may decline further, with the target support level at $0.367. If market sentiment remains weak, the price could further test this support level.

However, if the decline provides an entry opportunity for buyers, DOGE may also see a rebound, breaking through the resistance level of $0.40 again. If buying interest returns, DOGE could regain upward momentum, but it is necessary to observe whether the market sentiment will change.

Summary

The shift in market sentiment and the downward pressure on the technical front that Dogecoin currently faces could lead to a further price retracement to $0.367. Investors should closely monitor changes in market sentiment and technical indicators to seek potential buying opportunities or confirm whether prices will continue to decline.

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