Dogecoin Headed To 5 Cents After Losing Crucial Support Level And Even Elon Musk Can't Save It, Says Bitcoin Bull
Pseudonymous cryptocurrency analyst Tyler Durden said on social media that even Tesla Inc (NASDAQ:TSLA) CEO Elon Musk cannot save Dogecoin (CRYPTO: DOGE) from hitting a “programmed” 0.05 level.
What Happened: Durden, a known Bitcoin bull, posted a chart on Twitter and claimed that Musk’s tweets could not rescue the meme cryptocurrency.
The chart in the tweet appears to be what is known as a “Head and Shoulder” pattern.
This pattern has a baseline with three peaks with the outside peaks being close in height and the middle being the highest. This sort of formation indicates a bullish-to-bearish trend reversal in technical analysis.
Why It Matters: The head and shoulders pattern denotes one of the most reliable trend reversal patterns, as per Investopedia.
The tweeted chart indicates a $0.299 support level. DOGE traded below the stated level, down 10% over 24 hours at $0.255 at press time. The cryptocurrency has plummeted 17.2% over a seven-day period.
The Shiba Inu-themed coin traded 63.38% lower from an all-time high of $0.74 hit last month.
Since the beginning of this year, DOGE has soared 5691.79% buoyed by tweets from Musk and mentions by other celebrities.
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