Dogecoin has experienced heightened volatility over the last 48 hours, slipping from a brief peak of $0.185 to $0.172 at the time of writing. This price reversal places Dogecoin in a precarious position, once again threatening to fall below the $0.17 level that traders had hoped would flip into a new support base.

在过去的48小时内，Dogecoin的波动性增强了，从短暂的峰值下降到撰写本文时的$ 0.185升至0.172美元。这种价格逆转使狗狗币处于不稳定的位置，再次威胁要低于交易者希望将变成新的支持基地的0.17级水平。

The sharp upswing and equally sharp retracement are the latest examples of DOGE’s erratic trading behavior, behavior that is now drawing comparisons to another macro-asset, Bitcoin’s performance against gold. A chart shared on social media platform X by Bloomberg Intelligence Senior Analyst Mike McGlone presents an eye-catching overlay of Dogecoin's market cap trajectory and the Bitcoin-to-gold price ratio. According to McGlone, these two assets have been moving in the same manner for some time, exhibiting what he referred to as "same-chart syndrome."

急剧上升和同样敏锐的回溯是Doge不稳定的交易行为的最新示例，即现在正在比较另一个宏观资产，比特币对黄金的表现进行了比较。彭博情报高级分析师Mike McGlone在社交媒体平台X上共享的图表介绍了Dogecoin的市值轨迹和比特币与金币的价格比例。据McGlone称，这两个资产在一段时间内一直以相同的方式移动，展示了他所谓的“同一曲目综合征”。

Particularly, the chart shared by the analyst shows that Dogecoin's market cap and the Bitcoin/gold cross have been moving in tandem since December 2024. His analysis highlights how both assets have respected an upward trendline over the past several months but warns that this support may not last much longer.

尤其是，分析师分享的图表表明，自2024年12月以来，Dogecoin的市值和比特币/黄金十字杂志一直在同时进行。他的分析强调了两种资产在过去几个月中如何尊重上升的趋势线，但警告说，这种支持可能不会持续更长的时间。

The chart also shows that both assets experienced a steep rise in the first quarter of 2024, followed by a period of consolidation and a lower high in the second quarter. Afterwards, both assets pulled back sharply, finally crashing to the same extent as they rose earlier in the year.

该图表还显示，两种资产在2024年第一季度都急剧上升，随后是一段巩固，第二季度的高潮幅度较低。之后，两种资产都急剧退缩，最终与今年早些时候上升的程度相同。

The resemblance between Dogecoin's chart and Bitcoin's performance relative to gold signals to McGlone that a bearish outcome may be imminent. The synchronized patterns between the two charts, both rising aggressively in 2024 and then pulling back to an ascending support line, suggest that DOGE may be entering a bearish cycle rather than a full-fledged bullish cycle.

Dogecoin的图表与比特币相对于McGlone的黄金信号的表现之间的相似之处，即看跌的结果可能是即将出现的。这两个图表之间的同步模式，均在2024年积极上升，然后返回到上升的支撑线，这表明Doge可能正在进入看跌循环，而不是成熟的Bullish循环。

Particularly, McGlone expects the ascending support trendline to eventually be breached very soon. This would also send the Dogecoin market cap crashing, contradicting the prevailing sentiment among analysts, who are predicting a larger rally for DOGE before the end of the year.

特别是，麦格隆希望最终将很快违反上升的支持趋势线。这也将使Dogecoin市值崩溃，这与分析师之间的普遍情绪相矛盾，分析师预测在年底之前将为Doge举行更大的集会。

However, McGlone did not base his bearish DOGE forecast solely on price action. In his post, he tied the predicted breakdown in both Dogecoin and Bitcoin/gold to broader macroeconomic developments, particularly the likelihood of a delayed recession hitting the US market.

但是，McGlone并没有仅基于价格行动的看跌总督预测。在他的帖子中，他将Dogecoin和Bitcoin/Gold的预测分解与更广泛的宏观经济发展联系在一起，尤其是延迟衰退的可能性。

"The U.S. recession window is closing, and the probability of a benign outcome for the world’s largest economy may be increasing, which could keep risky assets buoyant for a while longer," the analyst stated.

分析师说：“美国衰退窗口正在关闭，世界上最大经济体的良性结果的可能性可能正在增加，这可能会使风险的资产持续一段时间。”

Notably, the ascending support line that has kept the Dogecoin market cap in place is currently around $22 billion, making this an important level to monitor. At the time of writing, DOGE is trading at $0.1720 with a market cap of $25.63 billion. Based on its current circulating supply of 148.98 billion, Dogecoin's market capitalization would fall below $22 billion if its price were to drop to $0.147.

值得注意的是，使Dogecoin市值的上升支持线目前约为220亿美元，这使得这是一个重要的监控水平。在撰写本文时，Doge的交易价格为0.1720美元，市值为256.3亿美元。基于目前的1,489亿美元的循环供应，如果价格降至0.147美元，Dogecoin的市值将低于220亿美元。