Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	12,964,179,212	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

12,964,179,212

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00000200	-8.33%	0.000022	0.000022	0.000022

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00000200

-8.33%

0.000022

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000025	0.000022	0.000024	0.000024	0.00000600 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000025

0.000022

0.000024

0.00000600 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:07:32	13,415,719.00	0.000022	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:07:32

13,415,719.00

0.000022

USD

Price x Volume	Volume	Base Symbol	Related Pairs
56,147,297.56	236,536,987,375.70	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

56,147,297.56

236,536,987,375.70

Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop

18/01/2022 7:15pm

NEWSBTC

Dogecoin has had a dramatic year. Starting only one year ago, DOGEUSD passed the one cent mark and embarked on a meme-fueled moon mission toward $1. It never quite got there, and has been in a downtrend ever since. The downtrend has also since taken a walk down a dangerous path, putting the altcoin in jeopardy of another deadly drop. Here is what could be in store for Dogecoin in the days ahead. Crypto House Training: Good DOGE, Bad Behaviors There are two sides to every coin, and even a good dog can behave badly at times. Dogecoin was last year’s cryptocurrency all-star, rising from under a penny to nearly $1. It even managed to crack into the top five cryptocurrencies by market cap. It also caused a whirlwind of imitators. Fans of the popular pup-based coin range from Snoop Dogg to the Dogefather himself, Elon Musk. These celebrity figures and the masses of the mainstream rode the Dogecoin rocket to success. Robinhood investors rejoiced; meme-coins went viral on TikTok. Related Reading | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More The ride itself has been rather bumpy as of late due to the increasingly risky macro environment. However, a possible chart pattern might suggest that it is time to abandon ship and send your DOGE back to the pound (or the dollar). Is this a descending triangle in Dogecoin? | Source: DOGEUSD on TradingView.com The Dangerous Descending Triangle In Dogecoin Dogecoin is exhibiting a possible descending triangle chart pattern, pictured above. For comparison, the primary phase of the Bitcoin bear market is depicted side by side with DOGEUSD. A similar-sized drop would take Dogecoin back to around between five to ten cents per coin or lower. Descending triangles have a bearish tendency to break down below support, but that doesn’t necessarily mean certain doom for DOGE. Related Reading | SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022 In the comparison, Bitcoin fell another 50% to its eventual bear market bottom. After the final breakdown of the triangle, the bottom was in and the cycle began anew. While things could turn worse for Dogecoin investors – especially those who bought near the peak – it might also not be very long until the market reverses if the range lower can be defended. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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