The popular analyst, known as Tyler on Twitter, drew a disaster scenario for Dogecoin.
Dogecoin (DOGE), one of the most talked about cryptocurrencies in its last days, is preparing for a major collapse according to the comments of a popular analyst on Twitter. Although DOGE experienced a decrease of more than 60% after reaching the all time level of $0.73 on May 8, the phenomenon is just the beginning, according to the analyst.
Is Dogecoin Preparing For A Big Downward Move?
The popular analyst, known as Tyler on Twitter, drew a disaster scenario for Dogecoin. While the popular name believes that bottom levels will be seen in Dogecoin, he stated that no one can stop this free fall.
However, the phenomenon name, who made comments on Elon Musk, claimed that the moves of the billionaire businessman only deepened the bottom level. Tyler stated that the head-to-shoulder formation on the DOGE chart will be completed and the decline will continue to $0.05. In addition, he stated that even Elon Musk cannot stop DOGE’s downward movement.
Dogecoin is considered a cryptocurrency created as a satirical homage to Bitcoin, as crypto commentators have pointed out. DOGE had a parabolic rally in the first months of 2021, recording an increase of approximately 15,300%.
Tesla CEO Elon Musk has accelerated the popular crypto currency’s upward momentum by describing Dogecoin as the “people’s cryptocurrency” and tweeting specifically for DOGE at every opportunity.
As of the time of this writing, Dogecoin is trading approximately 62% lower than its $0.73 ATH.
Can Dogecoin See Zero?
A popular analyst known as The Asian Investor made an unbelievable assessment of Dogecoin, which he described as a “pump and dump” opportunity. The famous analyst suggested that the popular cryptocurrency will go down to zero and this process will take place in a slow process. The Asian investor said about DOGE: “It is pretty ridiculous to invest in Dogecoin, which has already peaked, considering the new pump & dump cryptos that are emerging every day. Dogecoin will see a slow process to zero this year.”