Recently, the market sentiment for Dogecoin has turned negative. Data shared by analyst Ali shows that the weighted sentiment has dropped to -0.597, reflecting a gloomy mood among traders. Since November, the price of DOGE has generally remained around $0.404, lacking upward momentum and failing to break through previous highs.
Decline in social discussions and sentiment
At the beginning of this year, the price of Dogecoin surged significantly, accompanied by a spike in social volume. It rose from $0.060 in mid-October to $0.498 in early November, an increase of over 700%. During this period, social discussions about Dogecoin were frequent, and investors were filled with excitement.
However, as the price peaked, market enthusiasm gradually waned, and social discussions and sentiment began to decline. After entering December, community interest noticeably decreased, and sentiment became more negative. This is closely related to DOGE's failure to break the $0.50 high, reflecting investors' disappointment with future price movements.
Market sentiment turns negative
Since mid-November, the price of Dogecoin has entered a consolidation phase, fluctuating between $0.380 and $0.430, lacking significant upward breakthroughs. This price stability has frustrated some investors who expected prices to continue rising, leading to a shift in market sentiment to negative. Ali's analysis indicates that traders have become impatient during the ongoing consolidation phase, with sentiment gradually turning bearish.
Ali's analysis attracted wide attention, with related posts receiving 64.8K views and generating a lot of discussions. Despite the challenges in the market, many investors are still seeking clues about future price targets.
Some fans asked whether they should sell Dogecoin, and Ali clearly stated that there is no need to panic, suggesting to hold on. This indicates that despite the current price volatility, the analyst believes there is no reason for the market to be overly pessimistic.
Summary:
Although the market sentiment for Dogecoin has turned negative and the price is in a consolidation phase, investors and analysts generally believe there is no rush to sell. The key in the current market is to patiently wait for signals of the next price breakthrough.
If DOGE can break the current range, it may usher in a new round of upward movement. For long-term investors, patience and confidence remain crucial factors in the current market environment.
