Dogecoin Under Pressure And 'Going To Zero', Analyst Says

The
beloved
Dogecoin,
the
Shiba
Inu-faced
cryptocurrency
that
started
as
a
joke,
is
facing
a
ruff
time.
A
recent
$16
million
sell-off
by
a
large
holder,
likely
a
“whale”
investor,
has
sent
shockwaves
through
the
DOGE
community,
raising
questions
about
the
meme
coin’s
long-term
viability.

Mags
Charts
A
Worrying
Course

Crypto
analyst
Mags
has
emerged
as
the
harbinger
of
doom
for

DOGE.
Using
a
self-developed
charting
method,
Mags
identifies
distinct
phases
in
Dogecoin’s
historical
price
movements.
Phase
3,
according
to
Mags,
paints
a
particularly
bleak
picture,
suggesting
a
potential
plummet
to
zero.

Bluntly,
the
analyst
says
the
meme
coin
is
“bearish”
and
is
about
to
become
worthless.

$DOGE
is
bearish
and
is
going
to
zero.

don’t
belive
me?
see
for
yourself
????

pic.twitter.com/p4jYYDlbLZ

—
Mags
(@thescalpingpro)

June
12,
2024

This
prediction
hinges
on
the
cyclical
nature
of
DOGE,
where
brief
price
surges
are
followed
by
extended
periods
of
decline.
While
a
temporary
spike
to
$1.70
is
possible
in
Phase
3,
Mags
warns
investors
to
be
wary
of
such
fleeting
optimism.

Technical
Indicators
Flash
Red

Despite
a
recent
4%
price
increase,
technical
indicators
paint
a
concerning
picture.
The
Relative
Strength
Index
(RSI)
sits
squarely
in
neutral
territory,
neither
overbought
nor
oversold,
reflecting
investor
indecision.
More
importantly,
DOGE
is
currently
trading
below
its
key
moving
averages,
with
the
200-day
EMA
acting
as
the
last
line
of
defense
at
$0.123.
A
breach
of
this
support
level
could
trigger
a
domino
effect,
sending
DOGE
tumbling
further
towards
the
$0.07
mark.

DOGE
market
cap
at
nearly
$21
billion
today.
Chart:

TradingView.com

Can
Dogecoin
Defy
The
Odds?

While
Mags’
analysis
and
technical
indicators
cast
a
long
shadow,
there’s
still
a
glimmer
of
hope
for
the
meme
coin.
The
recent
uptick
in
trading
volume
suggests
heightened
activity,
potentially
indicating
a
buying
spree
by
loyal
DOGE
holders.
Additionally,
overcoming
the
first
resistance
level
of
$0.14
could
signal
a
potential
turnaround.
However,
this
optimistic
scenario
hinges
on
defying
historical
trends
and
requires
a
significant
shift
in
market
sentiment.

DOGE
down
in
the
last
week.
Source:
Coingecko

The
future
of
Dogecoin
remains
shrouded
in
uncertainty.
Elon
Musk,
the
self-proclaimed
“Dogefather”
and
a
major
influencer
of
the
meme
coin’s
price,
has
been
relatively
quiet
recently.
Without
his
usual
bullish
tweets,
DOGE
lacks
a
strong
catalyst
for
a
sustained
push
upwards.