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 TSLA CEO Elon Musk cannot save Dogecoin DOGE/USD 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.

See Also: How To Buy Dogecoin (DOGE)

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.

See Also: Dogecoin Bear Barry Silbert Says 99% Of Cryptocurrencies Are Overpriced

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. 

Read Next: Dogecoin A 'Victim Of Pump And Dump Scheme' By Elon Musk, Says Analyst

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