Doge, why I think it is finished
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Previously, Doge painted very bullish patterns that played out, an ascending triangle and a rising wedge. A rising wedge is of course a bearish pattern, but in very bullish markets they can break up resulting in a blow off top and fall back through the wedge. The break up from the wedge happened, but it did not result in a blow off top nor hit the 1$ psychological and technical target. Instead it bounced on the wedge then broke down through it, that is usually followed by a bearish trend. I believe that some whale impatiently front ran the 1$ target, the pump was timed with Elon musk' appearance on the SNL show and then dumped right after the show finished. The announcement that a Musk satellite was fully paid with Dogecoins did not help the price action. As of how Musk paid for the satellite with Dogecoins is a mystery, did he force the employee and suppliers to accept Dogecoins as payment?
Currently I believe it will paint a descending triangle then break down from it.
The problem with Doge is that it was never made to be a functional coin, it was literally a joke made by the designer and piggybacked on the LTC network. Its development was halted long time ago. It grew as a meme coin and had cyclical pumps which traders waited for. The meme was taken on by celebrities specifically Elon Musk who pumped the price turning a joke coin to the 5th ranked in market cap .
Does Elon Musk realize the coin is not scalable and will have traffic congestions if used heavily like he wants? Does he realize Doge is subject to inflation, the supply keeps increasing. He does know that 67% of the supply is held by whales who can dump at any moment which worries him. But does he knows that the worst part is its ease of being hacked? "It’s theoretically easy (compared to Bitcoin or Ethereum) to 51% attack Dogecoin to cheat its network to steal coins from others. Some back-of-the-napkin figures crunched by CoinDesk suggest that it would cost roughly $8 million to attack the Dogecoin network for a week (using Antminer L3+ ASICs)."-Coindesk
Waiting for the North Koreans to double spend Elon's wallet then hold the whole network ransom if he doesn't hand over rocket tech.
Currently I believe it will paint a descending triangle then break down from it.
The problem with Doge is that it was never made to be a functional coin, it was literally a joke made by the designer and piggybacked on the LTC network. Its development was halted long time ago. It grew as a meme coin and had cyclical pumps which traders waited for. The meme was taken on by celebrities specifically Elon Musk who pumped the price turning a joke coin to the 5th ranked in market cap .
Does Elon Musk realize the coin is not scalable and will have traffic congestions if used heavily like he wants? Does he realize Doge is subject to inflation, the supply keeps increasing. He does know that 67% of the supply is held by whales who can dump at any moment which worries him. But does he knows that the worst part is its ease of being hacked? "It’s theoretically easy (compared to Bitcoin or Ethereum) to 51% attack Dogecoin to cheat its network to steal coins from others. Some back-of-the-napkin figures crunched by CoinDesk suggest that it would cost roughly $8 million to attack the Dogecoin network for a week (using Antminer L3+ ASICs)."-Coindesk
Waiting for the North Koreans to double spend Elon's wallet then hold the whole network ransom if he doesn't hand over rocket tech.
Note
Following the plan Note
Worse than I expected Note
"Working with Doge devs to improve system transaction efficiency. Potentially promising." There is a lot of work to be done, It is not even promising, it is potentially promising, no hope, but scam pumped his coin, nice. Inorganic moves always retrace.Note
Doge holding on support with a 4H tweezer double bottom, it is bullish at the moment, can expect a test of the 0.55 resistanceNote
Doge following descending channel
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