Dogecoin creator Billy Markus, in a Twitter thread, mentioned not representing Dogecoin and called his creation stupid. In the FAQ thread Markus disclosed that he hasn’t touched Doge for the past 10 years and doesn’t care about its success or failure. The thread also mentioned that Dogecoin was made to mimic the stupid scene back then, which has turned stupider now. The creator said people are just playing poker against each other and trying to dump their bags on each other. The creator requested people to stop harassing and attacking him over Dogecoin future plans.
DOGE Tears Up in Agony
DOGE price formed a three black crows pattern after facing rejection at the recent peak of $0.09420. The fall was followed by a sideways consolidation formed due to the prevailing downtrend in the market. The Bollinger Bands contract to match the consolidation pattern indicating low volatility. The EMA ribbon floats above the current price action, with the 100-day EMA coinciding with the DOGE price. The downtrend in the OBV reflects an unfavorable market for Dogecoin and hints at a future drop.
The abrupt drop in DOGE price puts a halt to the bullish swing formed in Super Trends. The CCI slightly rises from the negative 100 range indicating a contracting difference between historical prices and DOGE price at press time. The MACD undergoes a bearish divergence and records tall seller bars in the region below the zero-histogram mark. The RSI moves parallel to the half line indicating stagnant seller interest in Dogecoin.
Bears Playing with DOGE
In the four hour time frame, DOGE price action suggests that a bearish momentum is prevailing. The Super Trends indicate a strong downtrend due to recent fall. The CCI rises above the zero mark indicating a positive gap between the present price and historical prices. The MACD forms a narrow positive cross and records minimal buyer participation at present. The RSI moves flat along the 50-range to indicate a neutral market.
Conclusion
DOGE price reacted negatively to its creator Billy Markus’s adverse statements. The community may react adversely to those words, sending prices tumbling down to further lower levels. The holder can watch out for support near $0.07120. Although the projected bearish momentum can challenge the support in attempts to break it and drop.
Technical levels
Support levels: $0.07120 and $0.05715
Resistance levels: $0.09420 and $0.10425
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/27/doge-price-prediction-dogecoin-orphaned-by-creator-billy-markus/