Dogecoin's recent performance has indeed been a bit disheartening. The price has been declining steadily, dropping 2.3% in a single day to $0.1827, hitting lows for three consecutive trading days, and failing to hold the support line at $0.1830. Looking at the 24-hour volatility, it fell from $0.1870 to $0.1827. Although the daily range isn't too large, the overall trend has become quite bearish.

The technical indicators further bolster the bears' confidence. As early as late October, the 50-day moving average had already crossed below the 200-day moving average, forming a classic "death cross." Now, the 100-day moving average is also approaching the 200-day moving average. This synchronized weakening across multiple moving averages intensifies the bearish sentiment.

Market sentiment on the capital side is even more painful. In the past 72 hours, medium-sized whales holding between 10 million and 100 million DOGE have significantly reduced their holdings, with a total sell-off reaching 440 million DOGE. Capital outflows have hit a nearly one-month high. Meanwhile, the market's long-to-short ratio has dropped from 1.2:1 directly to 0.8:1, indicating that both large investors and retail traders are adopting a cautious stance on the short-term outlook. This dual resonance of technical and capital indicators clearly shows that market expectations for Dogecoin are indeed weakening.