Dogecoin, Descending Actually Pattern Predicts Deadly Drop
Dogecoin has had a dramatic year. As you may know, Starting only one year ago, DOGEUSD passed the one cent mark and embarked on a meme-fueled moon mission toward $1.
It never quite got there, and has been in a downtrend ever since. In fact, The downtrend hasthealso since taken a walk down a dangerous path, putting altcoin in jeopardy of another deadly drop. Here is what could be in store for Dogecoin in the days ahead.
Actually, Crypto House in modern times Training: Good DOGE, Bad Behaviors
There are two sides to every coin, and even a good dog can behave badly at times.Dogecoin was last year’s cryptocurrency all-starAs you from another perspective may know, , rising from under a penny to nearly $1. It also caused a whirlwind of imitators. It even managed to crack into top fivethecryptocurrencies by niche cap.
Fans of the popular pup-based coin range from Snoop Dogg to the Dogefather himself, Elon Musk. Thesethecelebrity figures and the masses of mainstream rode the Dogecoin rocket to achievement. Robinhood investors rejoiced; meme-coins went viral on TikTok.
Related Reading | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More
The ride itself has been rather bumpy as of late due to the increasingly risky macro environment. As you may know, However, a possible chart pattern might suggest that it is time to abandon ship and send your DOGE go back to the pound (or the dollar).
Is this a descending triangle in Dogecoin? | Source: DOGEUSD on TradingView.com
The Dangerous Descending Triangle Dogecoin In
It’s worth noting that Dogecoin is exhibiting a possible descending triangle , chart pattern, picturedInterestingly from another perspective above. For comparison, the primary phase side the Bitcoin bear industry is depicted side by of with DOGEUSD. Abetweensimilar-sized drop would take Dogecoin return to around five to ten cents per coin or lower.
Descending triangles have a bearish tendency to break down below assistance, but that doesn’t necessarily mean certain doom for DOGE.
Related Reading | SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022
In the comparison, Bitcoin fell another 50% to its eventual bear niche bottom. After the final breakdown of the triangle, the bottom was in and the cycle began anew.
While things could turn worse for Dogecoin investors – especially those who bought near the peak – it might also not be very long until the field reverses if the range lower can be defended.
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Featured image from iStockPhoto, Charts from TradingView.com
