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Dogecoin (DOGE) Market Crash! After a 20% Plunge, Should We Buy the Dip or Run for Cover?

DOGE plummeted 22% this week, hitting a low of $0.16, the lowest since March! The psychological level of $0.18 has completely collapsed, and bears are celebrating! Currently, the RSI is approaching 30, indicating severe overselling, but bulls are weak in counterattack; $0.17 has become the last line of defense! If $0.16 cannot hold, the next stop could be the bear market low of $0.12 in 2024.

Open Interest (OI) Crash
In the past 24 hours, over $50 million in DOGE contracts were liquidated, leaving many long positions devastated. Open Interest (OI) plummeted from $307 million on May 30 to $180 million, with leveraged funds fleeing en masse. If OI continues to shrink, DOGE may enter a death spiral!

Musk vs. Trump: A Political Farce, and DOGE Becomes the Biggest Victim!
Musk and Trump have completely fallen out, threatening to cancel SpaceX government contracts, causing market panic! Tesla's stock price crashed 14%, and DOGE, as the "concept coin" most reliant on Musk's influence, was the first to suffer, plunging 10% in a single day. This inevitably reminds us of the glorious moments of 2023: when Musk merely changed the Twitter logo, it propelled DOGE to soar 30%; now, this "Dogecoin Godfather's" political downfall has almost completely evaporated the "Musk premium" of this MEME coin.

From a technical perspective, $0.16 has become the lifeline fought over by both bulls and bears. If this key support can be maintained, it might lead to a rebound as short sellers cover their positions; however, if it breaks down, it could trigger a larger-scale panic sell-off, heading straight for the 2024 bear market low of $0.12. What’s even more concerning is if Musk completely cuts ties with DOGE, this once top ten cryptocurrency by market cap could be reduced to a "zombie coin" completely.

After the panic sell-off, an epic buying opportunity may arise! DOGE has transformed from a “MEME War God” into a “high-risk casino,” where the game is about the thrill! Do you dare to catch the falling knife?
$DOGE $PEPE $XRP
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