{"id":278237,"date":"2021-06-18T19:06:43","date_gmt":"2021-06-18T16:06:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/even-elon-musk-cant-save-dogecoin-from-crashing-another-60-analyst-asserts\/"},"modified":"2021-06-18T19:06:43","modified_gmt":"2021-06-18T16:06:43","slug":"even-elon-musk-cant-save-dogecoin-from-crashing-another-60-analyst-asserts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/even-elon-musk-cant-save-dogecoin-from-crashing-another-60-analyst-asserts\/","title":{"rendered":"# Even Elon Musk can&#8217;t save Dogecoin from crashing another 60%, analyst asserts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3430adc438d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3430adc438d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/even-elon-musk-cant-save-dogecoin-from-crashing-another-60-analyst-asserts\/#Interim_supports\" >Interim supports<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/even-elon-musk-cant-save-dogecoin-from-crashing-another-60-analyst-asserts\/#Zero\" >Zero?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Even Elon Musk can&#8217;t save Dogecoin from crashing another 60%, analyst asserts <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>If one looks at Dogecoin (DOGE) charts from the point of view of a financial chartist, he\/she will notice an alarming presence of a classic bearish structure.<\/p>\n<p>For instance, pseudonymous analyst Tyler Durden highlighted what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be a &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investopedia.com\/terms\/h\/head-shoulders.asp\">Head and Shoulder<\/a>&#8221; pattern. The trading structure forms when an asset forms three peaks atop the same support level. In doing so, its middle peak comes out to be higher than the other two. <\/p>\n<p>Durden flashed the Head and Shoulder-like pattern to predict a 67% price crash in the Dogecoin market.<\/p>\n<p>Calling it &#8220;programmed,&#8221; the analyst <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TylerDurden\/status\/1405865163656294400\">hinted<\/a> at the pattern&#8217;s tendency to crash the assets once it breaks below $0.299, the support level. <\/p>\n<p>Typically, the downside target in such a case comes to be equal to the pattern&#8217;s height. In Dogecoin&#8217;s case, the maximum length between the Head and Shoulder pattern&#8217;s top and support level came out to be $0.197.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/439c1d4d-bf48-4e50-8438-45411b5e9c2f.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Dogecoin crash anticipated if its breaks below $0.299-support. Source: Tyler Durden, TradingView.com<\/em><\/figcaption><\/figure>\n<p>That shifts the Head and Shoulder pattern&#8217;s downside target lurks near $0.05, as Durden highlighted.<\/p>\n<p>&#8220;Even Elon [Musk] can&#8217;t save this with his tweets. He&#8217;s tried, and each time he just created another lower high,&#8221; he said. &#8220;0.05 is programmed.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Interim_supports\"><\/span>Interim supports<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In detail, the DOGE\/USD exchange rate corrected by a little over 60% after topping out on May 8 at $0.76. The run-up to $0.76-top itself came as a part of a 16,462% price explosion if measured from the beginning of 2021.\u00a0<\/p>\n<p>Meanwhile, from its pandemic-led March 2020 low of $0.00112, Dogecoin&#8217;s net returns until $0.76 came out to be\u00a067,757.14%. The huge upside made the so-called joke cryptocurrency the best-performing financial asset on the planet, beating even the combined returns of Bitcoin (BTC), S&amp;P 500, Nasdaq Composite, and gold.<\/p>\n<p>What worked as a bullish catalyst for Dogecoin was nothing but tweets from Elon Musk, a billionaire entrepreneur who sent out various supportive messages favoring the cryptocurrency during its multi-thousand percent price rally.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">ur welcome <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/e2KF57KLxb\">pic.twitter.com\/e2KF57KLxb<\/a><\/p>\n<p>\u2014 Elon Musk, the 2nd (@elonmusk) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1357236825589432322?ref_src=twsrc%5Etfw\">February 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On April 28, the Tesla CEO proclaimed himself as &#8220;Dogefather,&#8221; sending the Dogecoin prices up by 18% on the same day. Before that, Musk&#8217;s decision to work with Dogecoin developers to improve its transaction efficiency resulted in a 25.25% intraday price pump on May 13.<\/p>\n<p>But the frenzy-like, Musk-led pump also left Dogecoin with little possibility of establishing sustainable price floors. <\/p>\n<p>Making an exception, DOGE\/USD did hold the $0.040-$0.047 area in February-March 2021, following its 50%-plus bearish correction from the then all-time high of $0.1. After eight weeks of maintaining the range as support, the pair resumed its upside rally, eventually hitting $0.76.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/efc1394f-cd3d-4ce9-89b4-3b62b169d4c5.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>D weekly chart shows the next support confluence in the $0.040-0.047 area. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>Therefore, before hitting Durden&#8217;s $0.01 price target, Dogecoin anticipates to find buyers in the $0.040-0.047 area, owing to its brief but historical significant as a support range. <\/p>\n<p><strong><em>Related:\u00a0Has the Doge had its day? Dogecoin interest cools<\/em><\/strong><\/p>\n<p>Meanwhile, DOGE\/USD also maintains an interim support confluence defined by the $0.25-0.27 range and the 20-week exponential moving average (20-day EMA; the green wave in the chart above).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Zero\"><\/span>Zero?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, The Asian Investor, a pseudonymous analyst, does not expect the technical levels to keep Dogecoin from crashing harder. In his Seeking Alpha <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/seekingalpha.com\/article\/4433336-cryptos-slow-but-inevitable-death-of-dogecoin\">piece published earlier this month<\/a>, the pseudonymous analyst called Dogecoin a pump-and-dump token, adding that the cryptocurrency would eventually crash to zero. Excerpts:<\/p>\n<blockquote><p>&#8220;With new pump-and-dump \u201copportunities\u201d popping up every other day, it is not very appealing to invest [in] an \u201casset\u201d that has already risen this much.\u00a0Expect Dogecoin to fall towards $0 this year and die a slow death.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/even-elon-musk-can-t-save-dogecoin-from-crashing-another-60-analyst-asserts\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Even Elon Musk can&#8217;t save Dogecoin from crashing another 60%, analyst asserts &#8221; If one looks at Dogecoin (DOGE) charts from the point of view of a financial chartist, he\/she will notice an alarming presence of a classic bearish structure. For instance, pseudonymous analyst Tyler Durden highlighted what appears to be a &#8220;Head and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":278238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNjQxZDBiMDUtZjM2Yy00M2RkLWI4MWQtYmZlZjY5ZDlkMzE5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74937,86883,75150,39394,73785],"class_list":["post-278237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin-price","tag-dogecoin","tag-market-update","tag-elon-musk","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/278237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=278237"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/278237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/278238"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=278237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=278237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=278237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}