The Doge Days Are Over?

21 Apr 2021

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DOGEUSD Statistics:

• Market Capitalization: 440B
• CryptoAsset Rank: #6
  
• 24-Hour Return: -19%
  
• 7-Day Return: +255%
  
• From All-Time High: -26%
  

Technical Setup:

• Although today is international Doge day, DOGE has performed poorly over the past 24-hours.
  
• After going parabolic and hitting an all-time high just shy of $0.50 over the weekend, we're seeing some softness in DOGE.
  
• As the GME saga has shown, as well as DOGE's price action thus far this year, there's no telling how high memes can send an asset.
  
• If we're to assume that DOGE is forming its third consecutive descending triangle pattern, a breakout to the upside could result in a fourth vertical move higher.
  
• On the flip side, DOGE's inability to find the momentum to push the some 440B meme coin higher could mean that DOGE sinks into the abyss as market participants run for the exit.
  
• Because historical price action is limited, the most logical level of support appears to reside around its prior all-time high of $0.09.