The Dogecoin (DOGE) price has fallen over the past 190 days and is at risk of a long-term breakdown

The RSI readings in multiple time frames support the continuing of the decrease

A significant bounce at the current support line will invalidate this bearish forecast

The Dogecoin (DOGE) price is at risk of breaking down from a support line that has been in place for nearly a year. If this occurs, it could cause a sharp plunge.

The Relative Strength Index (RSI) readings from multiple time frames suggest that this breakdown is likely to occur. However, can DOGE go against the odds and initiate a bullish reversal?

Dogecoin Price Uncertainty Reigns Supreme

The technical analysis from the long-term weekly time frame does not provide clear signs as to what the Dogecoin future price trend is. 

On the bullish side, the price broke out from a descending resistance line (dashed) that had been in place since the all-time high. Breakouts from such long-term structures usually lead to significant increases.

This was the case initially since the DOGE price increased by 170% the week of the breakout, leading to a high of $0.159. However, the price has moved downwards in the 190 days since.

Now, the DOGE price is at risk of breaking down from an ascending support line that has been in place since June 2022.

This is the fourth time that the meme coin reached this support line. Since lines get weaker each time they are touched, an eventual breakdown from the line could occur.

DOGE/USDT Weekly Chart. Source: TradingView

The weekly RSI provides a bearish reading. By using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls have an advantage, but if the reading is below 50, the opposite is true. The RSI is below 50 (red icon) and moving downwards, indicating that the trend is bearish.

DOGE Price Prediction: Breakdown a Matter of Time?

The daily time frame readings support the bearish DOGE price prediction from the weekly one.

The first reason for this comes from the wave count. Technical analysts employ the Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The movement between March and April 10 resembles an A-B-C corrective structure (white). Since the correction has an upward slope, this means that the dominant trend is bearish.

The second reason comes from the RSI. In a similar fashion to the weekly time frame, the RSI is below 50 and falling (red icon). As outlined previously, this is a sign of a bearish trend. Moreover, the DOGE price attempted an unsuccessful bounce during the past 24 hours.

DOGE/USDT Six-Hour Chart. Source: TradingView

If a breakdown from the line occurs, the price could fall to the closest support area at an average price of $0.057.

However, an upward movement toward $0.095 could occur if a bounce occurs instead.

source: beincrypto

image source: unsplash

#DOGE #dogecoin #dogearmy #Meme #dyor

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Move over, traditional investments! There's a new dog in town, and it's making the crypto world bark with laughter.

Meet Shiba Inu Coin 🐕‍🦺, the four-legged sensation that has taken the internet 🌍 by storm.

Inspired by the adorable Shiba Inu dog breed and fueled by a community of meme-loving enthusiasts 💛, this crypto token has captured the hearts and wallets of many.

In this content, we'll take a lighthearted look at the phenomenon that is Shiba Inu Coin 🐕‍🦺, with a sprinkle of doggone hilarious jokes along the way.

The Bark-tastic Rise of Shiba Inu Coin:

They say every dog 🐶 has its day, and Shiba Inu Coin proves just that! Starting as a meme-inspired token, it quickly⚡became a global sensation.

With its cute logo and a community 🫂 full of dog lovers, Shiba Inu Coin has gained massive popularity, showing that the power of memes can truly move markets.

Just remember, investing in Shiba Inu Coin is not for the faint-hearted—it's a wild ride that'll have you howling with excitement and anticipation.

Shiba Inu Coin: The Dogecoin's Mischievous Sibling:

You might be wondering, "Is Shiba Inu Coin related to Dogecoin?" Well, in a way, they're like mischievous siblings.

Shiba Inu Coin took inspiration from Dogecoin, the OG meme coin, and carved its own path 🐾.

It has its own unique personality and has gained a massive following.

So, if Dogecoin is the fun-loving big brother, Shiba Inu Coin is the energetic🔋and playful little pup in the crypto family.

Doggone Jokes and Pawsome Memes:

Enough with the serious talk 🔉, let's unleash the laughter! Here are a couple of paw-sitively hilarious jokes to tickle your funny bone 🦴:

Why did the Shiba Inu join the crypto world? It heard there were "pawsome" gains and plenty of "bone-us" opportunities!

What's a Shiba Inu's favorite cryptocurrency? Doge-coin? Nope! It's Shiba Inu Coin, of course! Woof-tastic!

⚠️Remember, these jokes are all in good fun. Shiba Inu Coin may bring laughter, but always do your research and invest responsibly.

Riding the Waves of Shiba-mania:

Shiba Inu Coin's popularity has led to some wild price swings and an ever-changing market landscape.

It's like being on a rollercoaster ride with a Shiba Inu by your side, experiencing the highs and lows together.

But hey, sometimes the most thrilling adventures are the ones that keep you guessing.

Just hold onto your seat💺, embrace the excitement, and enjoy the Shiba-mania!

Conclusion:

In the realm of cryptocurrencies, Shiba Inu Coin stands out with its unique blend of cuteness 😍, community, and meme culture.

It has brought laughter, amusement, and a sense of community to the crypto world.

Just remember to approach it with a sense of humor, do your due diligence, and only invest what you can afford to lose.

Stay doggedly optimistic, my friends, and enjoy the ride of Shiba Inu Coin with a smile on your face! 🐕😄

#BinanceTournament #googleai #shibaInu #dogecoin #dogearmy

Data shows that Dogecoin futures liquidations have been the highest in the sector during the past day as the coin has continued its upward push.

Dogecoin Liquidations Spike, Majority Are Short Contracts

The last few days have been great for DOGE holders as the memecoin has finally showed some promising potential toward the upside, after what had been a rather extended period of stagnation.

During this latest surge, some interesting positive signs have appeared for the asset, with perhaps the most significant of them being the cryptic hints related to possible Dogecoin integration on Twitter that Elon Musk has provided recently.

#Dogecoin has been one of the best performers in the market recently, and the cryptocurrency’s momentum may not be fading just yet, as its trading volume has also registered a spike toward 16 week highs recently, implying that investors at large currently have an active interest in the memecoin.

DOGE has naturally continued to show volatility in the past day as well, as it’s currently up north of 2% in the period. Generally, with volatility comes chaos on the futures market, as high leveraged positions dip into losses so deep that their platforms are forced to close the contracts down, or to “liquidate” them.

The above data shows the USD value of liquidations during the past 24 hours for each of the symbols in the cryptocurrency futures market. It would appear that Dogecoin liquidations have been the highest in the sector at about $7.19 million, ahead of Bitcoin’s $5.91 million.

As the memecoin has observed a net increase in the past day, the majority of the liquidations have involved the short contract holders. In total, $4.24 million such contracts have been flushed down the drain.

The reason the top players such as Bitcoin and Ethereum have observed relatively low liquidations (in the context of their sizes) has been the fact that their prices have been unusually stale recently.

These high liquidations are a result of speculators concentrating on the market after being attracted by the sharp price surge. In rallies like these, many such users might get too swayed in the hype and opt for extreme amounts of leverage, but while leverage can potentially multiply their profits by many factors, it’s also true that it can significantly raise the risk of liquidation. #GOATMoments #Binanceturns6 #dogearmy

#DRC-20 #dogecoin #dogearmy #doge

Before we talk about the DRC-20, in the context of cryptocurrencies, a technical standard or protocol refers to a set of rules and specifications that define how various aspects of the cryptocurrency system should function.

These standards ensure interoperability, compatibility, and consistency across different implementations and enable different components of the cryptocurrency ecosystem to work together seamlessly.

Here are some commonly used technical standards or protocols in the cryptocurrency space:

1. Blockchain Protocols:

These standards define the rules and algorithms for maintaining a decentralized ledger, such as Bitcoin’s blockchain protocol or Ethereum’s blockchain protocol. They specify how transactions are validated, blocks are added to the chain, and consensus is reached among participants.

2. Token Standards:

These standards define the rules for creating and managing tokens on a blockchain. For example, ERC-20, which we discussed earlier, is a widely adopted token standard for the Ethereum blockchain. Other token standards include ERC-721 (non-fungible tokens) and BEP-20 (Binance Smart Chain).

3. Consensus Algorithms:

These standards determine how participants in a decentralized network agree on the validity and ordering of transactions. Examples include Proof of Work (PoW), used by Bitcoin, and Proof of Stake (PoS), used by various cryptocurrencies like Ethereum 2.0 and Cardano.

4. Interoperability Protocols:

These standards facilitate communication and interaction between different blockchain networks. Examples include the InterPlanetary File System (IPFS) for decentralized storage and the Inter-Blockchain Communication (IBC) protocol for cross-chain interoperability.

5. Wallet Standards:

These standards define the protocols and formats for wallet software to interact with blockchains and manage cryptographic keys. Examples include the Bitcoin Improvement Proposal 32 (BIP-32) for hierarchical deterministic wallets and BIP-39 for mnemonic phrases.

These are just a few examples of the technical standards or protocols in the cryptocurrency space. There are many more specific standards and protocols that address various aspects of blockchain technology, smart contracts, privacy, security, and more. These standards help ensure compatibility, enhance security, and foster innovation within the cryptocurrency ecosystem.

The Introduction Of DRC-20

Bitcoin Ordinals and BRC-20 tokens have not gained significant popularity in the past, despite being modeled after Ethereum’s ERC-20 standard. This protocol allows participants to create fungible and non-fungible tokens on the Bitcoin blockchain.

However, according to Samson Mow, the CEO of JAN3, doubts have been cast on its long-term viability. In a recent interview, he expressed concerns about the unsustainable fees being paid to Bitcoin miners, stating, “These guys are basically paying massive amounts of fees that go directly to Bitcoin miners, and there is no way this can be sustained.”

Nevertheless, a new standard is emerging in the cryptocurrency space. On May 9, DRC-20 tokens were introduced, sharing a similar technical structure with BRC-20 tokens. The developers of Dogecoin, inspired by the BRC-20 standard, are eager to revitalize interest in the original meme coin during this meme coin season.

Following the success of $PEPE, which surpassed Shiba Inu and became the most significant meme coin by market capitalization, activity on the Dogecoin blockchain briefly surpassed that of Litecoin.

Similar to the BRC-20 standard, DRC-20 tokens can be engraved on individual units of Dogecoin, referred to as “Elons,” with 100,000,000 Elons in a Dogecoin. These engravings can contain arbitrary content, resulting in Dogecoin-specific digital artifacts that can function as fungible or non-fungible tokens (NFTs) without the need for a separate token or sidechain.

The Doge Labs account introduced $MOON as the first-ever Dogecoin token following the official DRC-20 standard. Capped at a maximum supply of 21,000,000, it is poised for growth.

In a playful reference to Bitcoin Ordinals, this standard has been humorously named “Doginals” by Cheems, a meme project based on Solana launched on the new DRC-20 standard. Some upcoming meme coins, including Cheems, Dogewow, Misu, Pepe, and Meme, are said to be utilizing the DRC-20 standard.

While some Twitter users are enthusiastic about the potential for 100X gains from DRC-20 tokens, it is crucial for investors to conduct thorough research before investing in any meme coin.

The cryptocurrency market is highly volatile, and meme coins, in particular, are known for experiencing rapid price fluctuations, often leaving token holders with assets of little to no value.

Meme coins are frequently influenced by speculative trading, social media trends, and excitement, rather than traditional fundamental analysis.

Additionally, many meme coins lack underlying assets, revenue streams, or a clear use case, making it challenging to evaluate their long-term prospects using conventional financial criteria.

Summary

In the realm of cryptocurrencies, technical standards or protocols are sets of rules and specifications that govern the functioning of various aspects of the cryptocurrency system.

They promote compatibility and consistency among different implementations, enabling different components of the cryptocurrency ecosystem to seamlessly interact.

Examples of such standards include blockchain protocols (like Bitcoin’s and Ethereum’s), which define how transactions are validated and consensus is achieved, token standards (such as ERC-20 and ERC-721) that establish rules for creating and managing tokens, consensus algorithms (like Proof of Work and Proof of Stake) that determine transaction validity and ordering, interoperability protocols (e.g., IPFS and IBC) facilitating communication between blockchains, and wallet standards that define protocols for interacting with blockchains.

While Bitcoin Ordinals and BRC-20 tokens, modeled after ERC-20, have not gained widespread popularity, a new standard called DRC-20 has emerged for Dogecoin, aiming to revive interest in the meme coin.

However, caution is advised when investing in meme coins due to their speculative nature and lack of traditional fundamental analysis.

Read more on Dipprofit.com.