Is the Dogecoin rally over? ! Bitcoin’s big pin fell below 40,500, Ethereum fell below 2,200, and 100,000 investors liquidated their positions to US$320 million.

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Today is Tuesday, December 12, 2023, everyone is safe!
The night before dawn is the darkest,
But I guarantee the sun is coming up and a bull market is coming.
Believe in the power of Dogecoin, believe in the value of Dogecoin,
As long as you insist on buying and holding Dogecoin, no matter how difficult you encounter in the future,
Dogecoin will become your superpower to solve all problems,
Every step you take is paving the way for your dreams.
Friends of the Dogecoin Chinese community, come on!
This is the news station of the Dogecoin Chinese community
The news we are going to introduce today comes from blocktempo
This news was published on December 11, 2023, Taiwan time
The title is Is the Dogecoin market over? ! Bitcoin’s big pin fell below 40,500, Ethereum fell below 2,200, and 100,000 investors liquidated their positions to US$320 million.

The prices of Bitcoin and Ethereum have fallen sharply in recent days. Bitcoin fell from a new annual high of US$44,700 on Saturday to US$40,400. It has now recovered slightly to US$41,622, down 4.49% in 24 hours. Ethereum was also under pressure, falling below the $2,200 mark, reaching as low as $2,161 and now trading at $2,222, down 4.71% in 24 hours. The market turbulence caused more than 100,000 investors to liquidate their positions, with cumulative losses exceeding US$328 million, of which Bitcoin liquidated the largest amount, reaching US$82.29 million.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Short-term bearish callback:
Judging from the recent price drops of Bitcoin and Ethereum, this may be bearish for Dogecoin in the short term. Historically, the price fluctuations of Bitcoin and Ethereum have had a significant impact on the entire cryptocurrency market. For example, when Bitcoin plummeted due to Chinese policy suppression in May 2021, other cryptocurrencies such as Dogecoin also plummeted. In addition, when more than 100,000 investors liquidate their positions in the market, it will often trigger market panic and further intensify the selling pressure. In this case, Dogecoin will not be able to survive alone. Coupled with the highly correlated nature of cryptocurrencies, when mainstream currencies such as Bitcoin and Ethereum decline, other currencies such as Dogecoin are often affected as well. Therefore, taking these factors together, Dogecoin may face downward pressure in the near term, especially if the price falls below the two key support levels of $0.086 and $0.07, which may lead to further losses.

2. Long-term view:
Historical data shows that Dogecoin has repeatedly demonstrated the resilience to rebound after experiencing price fluctuations, which reflects its resilience in market shocks. Coupled with the high volatility of the cryptocurrency market and the sentiment-driven behavior of investors, Dogecoin, as a cryptocurrency that is highly influenced by the community and sentiment, may benefit from positive shifts in market sentiment and investment in the long term. Investors continue to pay attention to the encryption market. Therefore, although it may be affected by the price fluctuations of mainstream cryptocurrencies such as Bitcoin and Ethereum in the short term, in the long term, Dogecoin’s performance within the overall market trend, its resilience to market shocks, as well as investor behavior and market The impact of sentiment may support its long-term bullish view, especially if the price can break through the two key points of $0.086 and $0.105, which may lead to further gains. DOGE price may challenge $0.15, which will be the first time since 2022. A new high since November.

Overall, the short-term price trend of Dogecoin may be negatively affected by the recent price declines of Bitcoin and Ethereum, especially if the market sees more than 100,000 investors liquidate their positions, which may lead to further declines. But from a longer-term perspective, Dogecoin’s demonstrated resilience and continued focus on the cryptocurrency could provide it with upside opportunities, especially if the price can hold key support levels and if it can break above $0.086 and $0.105. It is a key pressure point and may challenge a new high of $0.15. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.