Dogecoin, lovingly called as the people's cryptocurrency, has all but stopped wagging its tail since May 2021 and is constantly spiraling downwards instead of going 'to the moon'.
After touching its all time high of $0.70 in May, Dogecoin fell back to Earth minutes after Elon Musk appeared on Saturday Night Live (SNL) The Dogefather. The coin seems to be digging itself under Earth's surface, finding more ways to fall much deeper and create new lows in the indices.
The hype the coin created after Elon Musk's investment and involvement had hit the roof and crypto investors were made fun of if they hadn't placed their money on Dogecoin. The danger that now awaits Dogecoin is its own hype.
Despite multiple tweets by Elon Musk and his various larger-than-life statements about the coin, Doge has simply stopped wagging its tail and seems to be running in the wrong direction with no hopes of getting back home. 'Home' here refers to it reaching the $1 milestone.
Several crypto influencers have also tried pushing the coin to reach 'home' by doing various stunts and giving outlandish predictions. Despite all this, Doge still remains in life support giving no signal of reaching home anytime sooner.
Several financial experts have predicted that Doge's chart indicates a reverse trend and its upward movement after touching an all time high of $0.70 would remain stagnant.
Head and Shoulders Pattern
As per Investopedia, which carefully studied Dogecoin's 'head and shoulders' pattern of the candle stick chart stated that its ''bullish-to-bearish trend reversal'' has begun and predicted that its ''upward trend is nearing its end.''
The head and shoulders pattern is among the most accurate and reliable form of prediction and financial experts around the world rely on the pattern to give out their signal about a particular stock or coin, and Doge seems to be on the receiving end at the moment.
Another financial expert had recently predicted that Dogecoin would fall much further and reach $0.05 in the coming months leaving the crypto community high and dry.
Dogecoin at the time of publishing was trading at $0.20 and is down -1.86% in the days trade. The coin which promised investors reach 'the moon' is now making them feel gloom and doom.