Dogecoin regards Ethereum as a social sentiment tank, is the price collapse brewing?

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Dogecoin regards Ethereum as a social sentiment tank, is the price collapse brewing?

Dogecoin currently has a bearish look, falling on $0.30 Psychological Level There is a risk of losing $0.20 now. Doch's social sentiment mirrors the decline of Ethereum, and this bearish outlook has been further strengthened, which has also suffered a large amount of price collapse.

Dogecoin sees Ethereum as a social emotional tank

exist X PostsChain Chain Analysis Platform santiment shows that Dogecoin will mirror Ethereum as Social emotions On these coins, “almost non-existent”. This means that there is a lack of important interest in Dogecoin and Dogecoin and Ethereum, and investors choose to discuss other coins.

In this regard, Santiment revealed that Bitcoin has conducted cryptocurrency discussions on these social media platforms. At the same time, Cardano has also witnessed huge growth compared to usual. on the other hand, Dogs and Ethereum There is basically no existence in these cryptographic discussions.

Doge social sentiment decline | Source: x

This development provides a bearish outlook for Dogecoin and suggests a further decline. It is worth mentioning that the most important meme coins are one of the coins that have hit the biggest hit in the market downward trend, lost $0.3 Psychological Level. This suggests that negative societal sentiment also translates into a lack of buyers in the threshold ecosystem to help defend certain levels of support.

In addition to the social emotional collapse, Chain metrics also drew bearish photos of Dogecoin and hinted at a price crash that might be brewing. intotheblock data It shows that the “Hodler balance” has declined. These investors have held meme coins for a year. As a result, long-term holders appear to be losing confidence in Dogecoin, which could trigger a wave of sell-offs and lead to a huge crash in the most important meme coins.

The Governor is still in a “overall” bull market

Despite the recent downward trend towards Dogecoin, Crypto Analyst Krisspax Market participants have been assured that the most important meme coins are still in the entire bull market. He noted that every fallen wedge has led to an uptrend breakthrough in Doge over the past year and a half. So despite recent inflation, lower tax rates and Trump’s tariffs, crypto analysts believe Dogecoin will eventually turn around and get higher and higher.

Crypto Analyst Trader Tardigrade It also provides bullish outlook and points to the upcoming price increase. He noted that Doge's bullish front wedge is about to break through. The crypto analyst added that meme coins usually form large drop wedges before pumping. The chart he comes with shows that when Doge bursts into ascending space, Doge can eventually attract it to the highly anticipated $1 level.

At the time of writing, Dogecoin price traded at about $0.25, down nearly 5% in the past 24 hours. data From CoinMarketCap.