Descending Dogecoin Pattern Predicts Deadly Drop

Dogecoin’s year has been dramatic. DOGEUSD, which was launched just one year ago has passed the 1 cent mark. DOGEUSD is on a meme-fueled moon mission towards $1.

The downtrend never reached its peak and it has been going lower ever since. Altcoin is now at risk of another fatal drop as the downtrend continues to descend. This is what Dogecoin could face in the coming days.

Crypto House Training: Bad DOGE and Good Behaviors

Every coin has two sides, and every dog is not perfect. Dogecoin was last year’s cryptocurrency all-star, rising from under a penny to nearly $1. The cryptocurrency even made it into the top five most valuable cryptocurrencies according market cap. There were countless imitators.

The popular coin, which is pup-based, has been loved by everyone from the Dogefather to Elon Musk. Celebrities and mainstream people rode the Dogecoin rocket towards success. Robinhood investors celebrated; memes-coins were viralized on TikTok.

Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More| Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

Because of the risky macro environment, the ride has been quite bumpy. One chart trend might indicate that you should abandon ship and give your DOGE (or dollar) back to the Pound.


Do you think this is Dogecoin's descending triangle?Source: DOGEUSD at | Source: DOGEUSD on

Dogecoin: The Dangerous Descending Triangle

Dogecoin may be showing a possible triangle chart pattern in the descending direction, as shown above. The primary phase in the Bitcoin bear markets is shown side-by-side with DOGEUSD. Dogecoin could see an identical drop and would be back at around five to ten dollars per coin, or less.

Descending triangles have a bearish tendency to break down below support, but that doesn’t necessarily mean certain doom for DOGE.

Read Related Reading SpaceX Dogecoin-Funded DOGE-1 Mission To Be Launched In Q1 2022| SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022

The comparison shows that Bitcoin dropped another half-off to the bear market bottom. Following the last breakdown of the triangle the bottom was reached, and the cycle was reopened.

While things could turn worse for Dogecoin investors – especially those who bought near the peak – it might also not be very long until the market reverses if the range lower can be defended.

Follow @TonySpilotroBTC on Twitter or join The TonyTradesBTC TelegramGet daily market insight and expert technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image taken from iStockPhoto. Charts taken from

Get more Crypto News at CFX Magazine