Dogecoin Headed To 5 Cents After Losing Crucial Support Level And Even Elon Musk Can’t Save It, Says Bitcoin Bull

Pseudonymous cryptocurrency analyst Tyler Durden said on social media that even Tesla Inc (NASDAQ:TSLA) CEO Elon Musk cannot save Dogecoin (CRYPTO: DOGE) from hitting a “programmed” 0.05 level.

What Happened: Durden, a known Bitcoin bull,  posted a chart on Twitter and claimed that Musk’s tweets could not rescue the meme cryptocurrency.

$Doge

Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high.

0.05 is programmed. pic.twitter.com/fSsrNvWkGS

— Tyler (@TylerDurden) June 18, 2021

The chart in the tweet appears to be what is known as a “Head and Shoulder” pattern.

See Also: How To Buy Dogecoin (DOGE)

This pattern has a baseline with three peaks with the outside peaks being close in height and the middle being the highest. This sort of formation indicates a bullish-to-bearish trend reversal in technical analysis.

Why It Matters: The head and shoulders pattern denotes one of the most reliable trend reversal patterns, as per Investopedia.

See Also: Dogecoin Bear Barry Silbert Says 99% Of Cryptocurrencies Are Overpriced

The tweeted chart indicates a $0.299 support level. DOGE traded below the stated level, down 10% over 24 hours at $0.255 at press time. The cryptocurrency has plummeted 17.2% over a seven-day period.

The Shiba Inu-themed coin traded 63.38% lower from an all-time high of $0.74 hit last month.

Since the beginning of this year, DOGE has soared 5691.79% buoyed by tweets from Musk and mentions by other celebrities. 

Read Next: Dogecoin A ‘Victim Of Pump And Dump Scheme’ By Elon Musk, Says Analyst

Photo by Executium on Unsplash