SHIB’s 30% gain initiates a bullish reversal pattern and rumors of a major exchange listing and other developments have investors playing catch with the canine-themed meme coin.
Tag: Dogecoin Price
Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements
Dogecoin (DOGE) may have landed major proponent Mark Cuban in hot water as it hits its lowest against Bitcoin (BTC) in over half a year.
“Now price it in bananas”
Data from Cointelegraph Markets Pro and TradingView showed DOGE/BTC trailing at 412 satoshis (0.00000412 BTC) on Oct. 14 — down from highs of 1,284 satoshis (0.00001284 BTC) in April.
As Bitcoin outpaces altcoins en masse this month, the pain has been especially intense for Dogecoin investors after months of public campaigning by both Cuban and others, including the world’s richest man, Elon Musk.
Nothing has been able to reverse the meme-based cryptocurrency’s fortunes, however, and now, frustrated commentators are even demanding an explanation.
Cuban was in line for retribution this week, with podcast host Preston Pysh suggesting that his touting of Dogecoin on U.S. national television at the highs had been — to say the least — misguided.
Cuban Coin, measured in BTC…since promoting it to the world on Ellen. @mcuban pic.twitter.com/8LQAECwsmk
— Preston Pysh (@PrestonPysh) October 13, 2021
Fellow pundit Peter McCormack joined calls for Cuban to comment on the situation against the latter’s backdrop of criticism of Bitcoin.
Twitter users further evoked Cuban’s claim that he would rather own bananas than BTC, poking fun at Dogecoin’s declining purchasing power when measured in the fruit.
In August, Cuban stated that he owned less than $500 of DOGE.
Has the DOGE had its day?
Musk, meanwhile, has moved on to incorporate Dogecoin spin-off cryptocurrencies in his publicity efforts, these likewise seeing huge gains on the back of even the most innocuous comments.
Related: Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin
One such coin, Shiba Inu (SHIB), has since seen substantial selling from large-volume investors known as whales.
The Tesla CEO did not escape the wrath of Bitcoiners earlier this year, however, with his Dogecoin activities being met with claims of investor manipulation.
As Cointelegraph reported, altcoins are tipped for a renaissance once Bitcoin hits its cycle top, this currently slated for the beginning of 2022.
Elon Musk’s latest attempt to pump Dogecoin fails miserably
Dogecoin (DOGE) prices surged but did not skyrocket after receiving another endorsement from Elon Musk on Twitter this Thursday morning.
The billionaire entrepreneur published a tweet at around 0843 UTC—a Godfather meme that showed Marlon Brando’s iconic character, Don Vito Corleone, with a text that read, “YOU COME TO ME AT RUNTIME TO TELL ME THE CODE YOU ARE RUNNING DOES NOT COMPILE.”
Meanwhile, Musk captioned the tweet, writing “Release the Doge” with an exclamation mark.
Release the Doge! pic.twitter.com/9bXCWQLIhu
— Elon Musk (@elonmusk) July 1, 2021
Seconds into the tweet, the DOGE/USD exchange rate surged from $0.24 to $0.261—about 8.42%. A sell-off followed suit, which took the pair as low as $0.247. Just then, at 0924 UTC, Musk tweeted another gibbering Dogecoin message, which read “Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge
— Elon Musk (@elonmusk) July 1, 2021
DOGE/USD rose 5.22% to 0.260 after the second tweet.
In the next couple of hours, DOGE/USD attempted to reclaim the intraday high of $0.261 on Musk factor, but profit-takers kept offsetting their upside bias, as shown via the large minute-candle bullish wicks in the chart above.
Nevertheless, Dogecoin was still down by almost 0.5% around the London noon session Thursday, hinting that Musk’s influence on the cryptocurrency market has been in decline.
Earlier this year, the Tesla CEO’s whole-hearted endorsement of Dogecoin had caused massive retail-led price spikes, insomuch that the cryptocurrency’s market cap peaked at almost $100 billion in early May.
Even Elon tweeting about Doge doesn’t work anymore
— Joe Weisenthal (@TheStalwart) July 1, 2021
Meanwhile, the DOGE/USD exchange rate surged to its record high of $0.76.
The pair is now worth half of its value two months ago, primarily due to a significant crypto market correction that saw almost all the top-cap assets, including Bitcoin (BTC), Ether (ETH), and XRP, crashing by more than 50% as well. Altcoins such as Dogecoin typically trade in sync with Bitcoin.
damn it.
not even @elonmusk can pump doge anymore.
we are all going to die poor are we. pic.twitter.com/JBVbFx3oFD
— NFTeddy (@TeddyCleps) July 1, 2021
Baby Doge booms, meanwhile
While Dogecoin logged brief upside pumps, its copycat meme token, dubbed as Baby Doge, climbed sharply after Musk’s 0924 UTC tweet.
Baby Doge was worth around $0.00000001 before Musk’s tweet but surged by more than 35% later. Nevertheless, the meme token’s value remained too low even for CoinMarketCap to calculate. Its market cap was also zero at press time.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Even Elon Musk can’t save Dogecoin from crashing another 60%, analyst asserts
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 “Head and Shoulder” 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.
Durden flashed the Head and Shoulder-like pattern to predict a 67% price crash in the Dogecoin market.
Calling it “programmed,” the analyst hinted at the pattern’s tendency to crash the assets once it breaks below $0.299, the support level.
Typically, the downside target in such a case comes to be equal to the pattern’s height. In Dogecoin’s case, the maximum length between the Head and Shoulder pattern’s top and support level came out to be $0.197.
That shifts the Head and Shoulder pattern’s downside target lurks near $0.05, as Durden highlighted.
“Even Elon [Musk] can’t save this with his tweets. He’s tried, and each time he just created another lower high,” he said. “0.05 is programmed.”
Interim supports
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.
Meanwhile, from its pandemic-led March 2020 low of $0.00112, Dogecoin’s net returns until $0.76 came out to be 67,757.14%. 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&P 500, Nasdaq Composite, and gold.
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.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk, the 2nd (@elonmusk) February 4, 2021
On April 28, the Tesla CEO proclaimed himself as “Dogefather,” sending the Dogecoin prices up by 18% on the same day. Before that, Musk’s decision to work with Dogecoin developers to improve its transaction efficiency resulted in a 25.25% intraday price pump on May 13.
But the frenzy-like, Musk-led pump also left Dogecoin with little possibility of establishing sustainable price floors.
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.
Therefore, before hitting Durden’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.
Related: Has the Doge had its day? Dogecoin interest cools
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).
Zero?
Meanwhile, The Asian Investor, a pseudonymous analyst, does not expect the technical levels to keep Dogecoin from crashing harder. In his Seeking Alpha piece published earlier this month, the pseudonymous analyst called Dogecoin a pump-and-dump token, adding that the cryptocurrency would eventually crash to zero. Excerpts:
“With new pump-and-dump “opportunities” popping up every other day, it is not very appealing to invest [in] an “asset” that has already risen this much. Expect Dogecoin to fall towards $0 this year and die a slow death.”
Dogecoin gets back to pre-crash prices as $16M in DOGE shorts get liquidated
Dogecoin (DOGE) prices jumped by nearly 40% on a 24-hour adjusted timeframe on June 2, shaking out more than $16 million worth of bearish leverage in just one hour while almost reclaiming its pre-crash high.
Leveraged bearish traders caught themselves on the wrong side of trade after Coinbase Pro, a U.S.-based crypto trading platform, announced that it would enable DOGE trading to its portal from June 3.
“Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro,” Coinbase confirmed in its blog post.
Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading.
The news prompted a sudden overnight spike across the DOGE spot markets, burning speculators that had placed bets on the cryptocurrency’s price decline.
A bored market gravitates to $DOGE.
Spot volume dominance (orange) compared to rest of the alts (blue) on Binance spot. pic.twitter.com/PlkdOJkf0V
— Hsaka (@HsakaTrades) June 2, 2021
The DOGE/USD exchange rate rose by up to $0.064, or 17.34%, after opening Wednesday in green. The pair reached an intraday high of $0.454, before witnessing a minor downside correction led by profit-takers. As of 1207 UTC, DOGE was changing hands for $0.434.
Dogecoin also fared well against its top rival asset, Bitcoin (BTC). The DOGE/BTC exchange rate jumped 33% in the previous 24 hours, wiping all the losses that it had incurred against Bitcoin during the May 19 crash.
The past 24 hours witnessed Dogecoin short liquidations worth $47.83 million.
Bullish calls resurface
Dogecoin’s latest move uphill also prompted observers to predict a $1 valuation for Dogecoin in the coming sessions, a level DOGE/USD missed after peaking out at $0.76 on Binance.
For instance, Primordial Hashrate, a crypto-focused newsletter service, cited Dogecoin’s Relative Strength Index (RSI)—a technical indicator that charts an asset’s current and historical strength or weakness—as its signal to bid DOGE/USD towards $1.
$DOGE has picked up huge buys on the RSI buy zone.
2. Is the next buy zone resistance for $Doge.
$1 incoming.. pic.twitter.com/xllZnOJl7t
— Primordial Hashrate ❗ (@prhashrate) June 2, 2021
Ronnie Moas, the founder of Standpoint Research — a Miami-based financial research startup, noted that Dogecoin’s addition on Coinbase Pro, a platform most popular among professional crypto traders, would open DOGE to “million more investors worldwide.”
Massive bubble
Dogecoin grew into traders’ conscience primarily after it received backing from Elon Musk. The Tesla founder/CEO posted tweets in support of Dogecoin insofar that he ended up calling himself “the Dogefather” in jest, while also recently stating that he’s “Dogecoin’s master.”
Musk’s popularity became instrumental in pushing the DOGE/USD bids up by more than 15,300% in 2021, with its market capitalization hitting $92 billion, surpassing even AirBnb and Infosys.
Found this pic of me as a child pic.twitter.com/hUEKluRAdP
— Elon Musk (@elonmusk) June 2, 2021
But the supersonic price rally also invited fear, uncertainty, and doubt (FUD) of a potential bubble. The panic almost engulfed the market after Musk called Dogecoin a “hustle” during his television appearance on Saturday Night Live on May 8, leading to a 45% price decline in the next three daily sessions.
The sell-off intensified further on May 19 amid a market-wide brutal sell-off. Dogecoin fell to as low as $0.29, down more than 74% from its all-time high of $0.76. Pseudonymous analyst, the Asian Investor, noted that Dogecoin is in the third stage of a “massive bubble” — the hype stage — that would soon follow up with deflation and panic-selling phases. He added:
All hypes end. When this hype is over, people will look back on Dogecoin and wonder how wealth could have ever been created out of nothing.
Dogecoin has rebounded by almost 132% after bottoming out at $0.29.