DOGE - Dangerously Overvalued - Extremely Bearish Correction Due
SUMMARY: Short Dogecoin and take profits at ATHs - it is dangerously overvalued and driving by Tik tok and Twitter hysteria. Whales could dump at any moment.
-- Technical --
The price action is way above the Fib retracement level 4.236 (max extension) - take large profit level & bearish
The Candle sticks are for above the top of the Daily Bollinger Bands - very bearish
MACD 1D has topped and started to turn down - super bearish
-- Fundamentals --
Dogecoin has no development team maintaining the core infrastructure.
It has a super high inflation rate and will continue indefinitely into the future, not functional a a store of long term value.
Dogecoin is a classical "pump and dump" coin over the years
The Market Cap at $50bn is large than many international Banks, E.g. Barclays, 3/4 the value of Santander - not justified valuation.
Dogecoin is a highly manipulated crypto and it cannot maintain high valuations over long term. I am usually bullish but in this instant I am very wary; many people will lose a pretty penny investing into Doge.
Plenty of fantastic cryptos out there to profit from.
Happy Bull Market come Alts season.
In addition - if you enjoyed the analysis and would like more : Please hit "like" and "follow".
SO: What do you think, have I missed something or is there a particular indicator you like? Let me know in the comments.
-- Technical --
The price action is way above the Fib retracement level 4.236 (max extension) - take large profit level & bearish
The Candle sticks are for above the top of the Daily Bollinger Bands - very bearish
MACD 1D has topped and started to turn down - super bearish
-- Fundamentals --
Dogecoin has no development team maintaining the core infrastructure.
It has a super high inflation rate and will continue indefinitely into the future, not functional a a store of long term value.
Dogecoin is a classical "pump and dump" coin over the years
The Market Cap at $50bn is large than many international Banks, E.g. Barclays, 3/4 the value of Santander - not justified valuation.
Dogecoin is a highly manipulated crypto and it cannot maintain high valuations over long term. I am usually bullish but in this instant I am very wary; many people will lose a pretty penny investing into Doge.
Plenty of fantastic cryptos out there to profit from.
Happy Bull Market come Alts season.
In addition - if you enjoyed the analysis and would like more : Please hit "like" and "follow".
SO: What do you think, have I missed something or is there a particular indicator you like? Let me know in the comments.
Comment:
We could see a 50% downwards price action in the coming days
Comment:
*Not financial advice and is for educational purposes only. Always DYOR.
Comment:
The price of Doge hit $0.16 on the 23-April.. 50% drop.
Comment:
Mark Cuban pumps Dogecoin on "Elle" - Cointelegraph
