Dogecoin Will Rise15% If This Pattern Plays Out Correctly
The first Memecoin on the cryptocurrency market, Dogecoin, has a clue of intraday traders thanks to the symmetrical triangle pattern, which may release DOGE forward if it plays out in favor of bulls.
Traders usually consider a symmetrical triangle a bullish pattern as it statistically results in an upward breakout. But at the same time, traders should not forget about the possibility of a bearish scenario in which an asset breaks the lower border of a pattern and speed downward.
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Uninterestingly, DOGE is more actively testing the lower border of the formation, hinting at a plunge down rather than a short-term upward rally.
Long-term Dogecoin scenario
Because of the current sentiment on the cryptocurrency market and a massive outflow of funds from it, it is hard to predict any positive outcome for the meme currency, which had lost more than 50% of its value in a matter of days.
Since the all-time high, Dogecoin has lost almost 90% of its value, becoming one of the worst-performing assets on the cryptocurrency market despite a massive correction on other assets.
As stated by IntoTheBlock, Dogecoin’s profitability remains above 50%, which is considered a balanced value for a digital asset.
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Whenever the profitability of a digital asset drops below 30%, traders consider its assets, as its moves are frequently speculative and aided by news like Tesla accepting DOGE payments, or Elon Musk calling it the cryptocurrency of the future.
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
