{"id":624411,"date":"2024-06-13T12:30:53","date_gmt":"2024-06-13T12:30:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=624411"},"modified":"2024-07-10T13:09:49","modified_gmt":"2024-07-10T13:09:49","slug":"dogecoin-under-pressure-and-going-to-zero-analyst-says-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/dogecoin-under-pressure-and-going-to-zero-analyst-says-heres-why\/","title":{"rendered":"Dogecoin Under Pressure And ‘Going To Zero’, Analyst Says – Here’s Why"},"content":{"rendered":"

Starting as a joke, the popular Dogecoin\u2014the Shiba Inu-faced cryptocurrency\u2014is having a rough time. The DOGE community has been rocked by a recent $16 million sell-off by a big holding, most likely a “whale” investment, which begs doubts on the long-term survival of the meme coin.<\/p>\n

Related Reading: Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity \u2013 Report<\/a><\/div>\n

Mags Charts A Worrying Course<\/strong><\/h2>\n

For DOGE,<\/a> crypto analyst Mags has become the gloom messenger. Mags notes several phases in the past price swings of Dogecoin using a self-developed graphing technique.<\/span> Phase 3, according to Mags, presents a particularly dismal picture and suggests a possible zero plunge.
\n<\/span><\/p>\n

The analyst argues, bluntly, the meme coin is “bearish” and will soon be worthless.<\/p>\n

\n

$DOGE<\/a> is bearish and is going to zero.<\/p>\n

don’t belive me? see for yourself \ud83d\udc47 pic.twitter.com\/p4jYYDlbLZ<\/a><\/p>\n

\u2014 Mags (@thescalpingpro) June 12, 2024<\/a><\/p><\/blockquote>\n

This forecast depends on DOGE’s cyclical character, whereby short price swings are followed by longer periods of declining trend. Although Phase 3 could see a brief surge above $1.70, Mags advises readers to remain cautious of such ephemeral hope.<\/span>
\n<\/span><\/p>\n

\"\"<\/p>\n

Technical Indicators Flash Red<\/strong><\/h2>\n

Technical indications show alarming picture even with a recent 4% price boost. Reflecting investor uncertainty, the Relative Strength Index (RSI) lays exactly in neutral territory, neither overbought nor oversold. More significantly, DOGE is now trading below its main moving averages; the last line of protection around $0.123 comes from the 200-day EMA.<\/span> A violation of this support level can set off a chain reaction that sends DOGE plummeting even more towards the $0.07 mark.
\n<\/span><\/p>\n

\"\"
DOGE market cap at nearly $21 billion today. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

Can Dogecoin Defy The Odds?<\/strong><\/h3>\n

Mags’s study and technical signals throw a lengthy shadow, yet the meme coin has some potential.<\/span> The current increase in trade volume points to more activity, maybe signalling a buying frenzy among devoted DOGE owners. Furthermore passing the initial resistance level of $0.14 could indicate a possible turnabout. But this hopeful picture depends on breaking historical patterns and calls for a major change in market attitude.<\/span>
\n<\/span><\/p>\n

\"\"
DOGE down in the last week. Source: Coingecko<\/figcaption><\/figure>\n

The course of Dogecoin is yet unknown. Relatively silent recently is Elon Musk, the self-described “Dogefather” and big impact on the price of the meme coin. DOGE lacks a significant driver for a continuous climb upwards without his typically optimistic tweets.<\/span>
\n<\/span><\/p>\n

Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale?<\/a><\/p>\n

Dogecoin Price Forecast<\/strong><\/h3>\n

Concurrent with this, technical analysis by CoinCodex suggests that Dogecoin’s price will drop<\/a> 13%, to $0.12 by July 13, 2024. The present attitude is bearish, implying general expectation of declining price movement.<\/span> Still, the Fear & Greed Index comes at 70, suggesting a strong degree of Greed among investors.
\n<\/span><\/p>\n

\"\"
Source: CoinCodex<\/a><\/figcaption><\/figure>\n

With 14 out of 30 green days over the last 30 days, Dogecoin boasts a 47% success record in favourable price moves.<\/span> With a 5.10% observed price volatility during this period, its market price clearly varies significantly.
\n<\/span><\/p>\n

This increased volatility and negative attitude imply that Dogecoin might see more price falls, even if investor optimism shown by the Fear & Greed Index could cause brief price recoveries.<\/p>\n

Featured image from CSF Hungary, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Starting as a joke, the popular Dogecoin\u2014the Shiba Inu-faced cryptocurrency\u2014is having a rough time. The DOGE community has been rocked by a recent $16 million sell-off by a big holding, most likely a “whale” investment, which begs doubts on the long-term survival of the meme coin. Related Reading: Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity \u2013 Report Mags Charts A Worrying Course For DOGE, crypto analyst Mags has become the gloom messenger. Mags notes several phases in the past price swings of Dogecoin using a self-developed graphing technique. Phase 3, according to Mags, presents a particularly dismal picture and suggests a possible zero plunge. The analyst argues, bluntly, the meme coin is “bearish” and will soon be worthless. $DOGE is bearish and is going to zero. don’t belive me? see for yourself \ud83d\udc47 pic.twitter.com\/p4jYYDlbLZ \u2014 Mags (@thescalpingpro) June 12, 2024 This forecast depends on DOGE’s cyclical character, whereby short price swings are followed by longer periods of declining trend. Although Phase 3 could see a brief surge above $1.70, Mags advises readers to remain cautious of such ephemeral hope. Technical Indicators Flash Red Technical indications show alarming picture even with a recent 4% price boost. Reflecting investor uncertainty, the Relative Strength Index (RSI) lays exactly in neutral territory, neither overbought nor oversold. More significantly, DOGE is now trading below its main moving averages; the last line of protection around $0.123 comes from the 200-day EMA. A violation of this support level can set off a chain reaction that sends DOGE plummeting even more towards the $0.07 mark. Can Dogecoin Defy The Odds? Mags’s study and technical signals throw a lengthy shadow, yet the meme coin has some potential. The current increase in trade volume points to more activity, maybe signalling a buying frenzy among devoted DOGE owners. Furthermore passing the initial resistance level of $0.14 could indicate a possible turnabout. But this hopeful picture depends on breaking historical patterns and calls for a major change in market attitude. The course of Dogecoin is yet unknown. Relatively silent recently is Elon Musk, the self-described “Dogefather” and big impact on the price of the meme coin. DOGE lacks a significant driver for a continuous climb upwards without his typically optimistic tweets. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? Dogecoin Price Forecast Concurrent with this, technical analysis by CoinCodex suggests that Dogecoin’s price will drop 13%, to $0.12 by July 13, 2024. The present attitude is bearish, implying general expectation of declining price movement. Still, the Fear & Greed Index comes at 70, suggesting a strong degree of Greed among investors. With 14 out of 30 green days over the last 30 days, Dogecoin boasts a 47% success record in favourable price moves. With a 5.10% observed price volatility during this period, its market price clearly varies significantly. This increased volatility and negative attitude imply that Dogecoin might see more price falls, even if investor optimism shown by the Fear & Greed Index could cause brief price recoveries. Featured image from CSF Hungary, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":624449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,1785,7,79599,8375,85699],"class_list":["post-624411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-doge","tag-dogecoin","tag-dogeusd","tag-elon-musk","tag-memecoin"],"acf":[],"yoast_head":"\nDogecoin Under Pressure And 'Going To Zero', Analyst Says<\/title>\n<meta name=\"description\" content=\"Starting as a joke, the popular Dogecoin\u2014the Shiba Inu-faced cryptocurrency\u2014is having a rough time. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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