DOGECOIN: Huge downside
Hello Investors and Traders,
There are a lot of hype around Dogecoin with the meme community and Elon Musk. This case is very similar to Mcafee back in 2017 during the ICO phase. Mcafee's tweet of random coins became less and less prominent on the price of the tokens. This is pretty much what will happen with Doge as well. A joke can only be funny until it isn't funny anymore.
If we look at the TA in log scale. we clearly see Doge reaching the top of the channel already. It is very likely we will see Doge fall back down to the indicated level. However, I will not be surprised if DOGE continue going up because the entire crypto market is going up. I would however, steer clear of DOGE.
Let me know your thoughts.
There are a lot of hype around Dogecoin with the meme community and Elon Musk. This case is very similar to Mcafee back in 2017 during the ICO phase. Mcafee's tweet of random coins became less and less prominent on the price of the tokens. This is pretty much what will happen with Doge as well. A joke can only be funny until it isn't funny anymore.
If we look at the TA in log scale. we clearly see Doge reaching the top of the channel already. It is very likely we will see Doge fall back down to the indicated level. However, I will not be surprised if DOGE continue going up because the entire crypto market is going up. I would however, steer clear of DOGE.
Let me know your thoughts.
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