Dogecoin rose to 5 cents after losing that crucial level of support, and even Elon Musk can’t save it, Bitcoin Bull says
Pseudonymous cryptocurrency analyst Tyler Durden said that even on social media Tesla Inc (NASDAQ: TSLA) CEO Elon Musk can’t save Dogecoin (CRYPTO: DOGE) from reaching a “programmed” 0.05 level.
What happened: Durden, a well-known bitcoin bull, posted a chart on Twitter, claiming that Musk’s tweets could not save the meme cryptocurrency.
Even Elon cannot save that with his tweets. He tried and each time he just made a different lower high.
0.05 is programmed. pic.twitter.com/fSsrNvWkGS
– Tyler (@TylerDurden) June 18, 2021
The diagram in the tweet appears to be a so-called “head and shoulder” pattern.
See also: How to Buy Dogecoin (DOGE)
This pattern has a baseline with three peaks, with the outer peaks being close to the height and the center being the highest. This pattern indicates a bullish to bearish trend reversal in technical analysis.
Why it matters: According to Investopedia, the head and shoulder pattern is one of the most reliable trend reversal patterns.
See also: Dogecoin bear Barry Silbert says 99% of cryptocurrencies are overpriced
The tweeted chart shows a support level of $ 0.299. DOGE was trading below the stated level, down 10% over 24 hours at $ 0.255 at press time. The cryptocurrency fell 17.2% over a seven-day period.
The Shiba Inu-themed coin traded 63.38% lower after hitting an all-time high of $ 0.74 last month.
Since the beginning of this year, DOGE is up 5691.79%, driven by tweets from Musk and mentions from other celebrities.
Read Next: Dogecoin is a “victim of the pump-and-dump system” by Elon Musk, analyst says
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