Dogecoin’s price will drop to $0.05 says Bitcoin Bull, and that even Tesla CEO Elon Musk would be unable to save it.
A widely-followed cryptocurrency analyst “Bitcoin Bull” predicted that the price of the Dogecoin-inspired cryptocurrency (DOGE) is “scheduled” to drop to $0.05 and that even Tesla CEO Elon Musk would be unable to save it.
The pseudonym analyst, serviced by Tyler Durden on social media, posted a graph showing that the DOGE price chart was forming a shoulder, head and shoulder pattern as it currently shows a three-peak baseline with the middle one the tallest being, similar to a head and two shoulders.
Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high.
0.05 is programmed. pic.twitter.com/fSsrNvWkGS
— Tyler (@TylerDurden) June 18, 2021
According to Investopedia, the formation of a head and shoulders pattern predicts an uptrend reversal to a downtrend and is “considered one of the most reliable trend reversal patterns“, which would imply that the DOGE’s uptrend is coming to an end, and that the cryptocurrency is about to fall exponentially.
So far, Dogecoin is trading at $0.187. down from an all-time high above $0.70 in May this year. Interest in cryptocurrency peaked after Tesla CEO Elon Musk unveiled the “Saturday Night Live” and said during the show that the cryptocurrency was “a confusion”
In his tweet, Durden referred to Musk as the CEO of Tesla, often tweeted about DOGE and helped spark interest in cryptocurrency. At one point, Musk even clarified that Dogecoin “it has no formal organization and no one reports to me, so my ability to act is limited“, while responding to a user who said he was actively promoting the cryptocurrency and treating it as “one of their own companies. ”.
The entrepreneur has been actively promoting in recent months, to the point of being called the CEO of Dogecoin and ‘Dogefather’.
Musk engaged with the Dogecoin developers to try to keep the cryptocurrency development progressing and even asked his 56+ million followers on the microblog platform to submit ideas to help develop DOGE.
Just before he revealed that Tesla would stop accepting bitcoin payments for environmental reasons, he also tweeted a poll asking his followers whether the electric car maker should accept DOGE as a payment method.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Dogecoin was originally created in 2013 as a joke. The cryptocurrency community is known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 in DOGE to enable the Jamaican bobsleigh team to participate in the Winter Olympics in Sochi.
Last year, the cryptocurrency’s popularity soared after several celebrities started tweeting about it. Musk and Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg and others over time tweeted jokes about DOGE, spurring its growth.
Year-to-date, the DOGE price rose more than 5,500%, although the cryptocurrency dropped more than 60% compared to its historical maximum.