on the crypto
Dogecoins (quotation DOGE) which hit all-time highs recently, cannot maintain these levels and investors in the "meme cryptocurrency" should prepare to suffer losses, veteran trader John Bollinger warned.
In a tweet on April 21, the creator of the Bollinger Bands indicator speculated that he had identified an "important top" in DOGE.
How Dogecoin could drop 50% from its current level
Some Dogecoin fans had decided to push the coin's value to $ 1 on April 20, a day they declared "Dogeday". However, the day turned out to be a huge hole in the water as it ended with a 21% drop. DOGE is trading at an insignificant price of $ 0,31 at press time and Bollinger believes there could be further losses.
Bollinger says DOGE's impressive April rally could retrace its run with a staggering -50%. He pointed out that the Bollinger indicator is signaling a lower high. This has formed a bearish divergence which could fuel a strong correction.
Adding to the sad prospect is the percentage difference between the lower band and the upper band - or the bandwidth - that the technical analyst observes is also falling.
Could Elon Musk save Doge from collapse?
Although the technical data is rather bearish for Dogecoin, all hope is not lost. Bollinger acknowledged that the patron saint of rising coin prices, Elon Musk, may very well "make fun of him."
SpaceX / Tesla CEO loves to post cryptocurrency tweets and cause wild swings in the market. Just last week, Musk referred to the meme coin in a tweet and it went from $ 0,15 to $ 0,40 within a few days.
Musk who has 51,7 million followers on Twitter could therefore tweet on DOGE in the coming days and deny the short-term bearish setup. And maybe this time he could finally join the coveted $ 1 decimal team.
Meanwhile, a survey says 63% of Americans are interested in crypto investments
According to a new report released by the cryptocurrency exchange Gemini, around 63% of US adults are curious about cryptocurrencies. The report was compiled after interviewing over 921 cryptocurrency owners and 3.000 consumers to uncover trends in the US cryptocurrency market.
The interesting thing? It is that more women than men are among the "crypto-curious". The survey results show that the average cryptocurrency investor who has already invested in digital assets is a 38-year-old man with an annual income of $ 111.000. The report, however, notes that 2021 will see a diversification of the profile of overseas crypto investors.
This is because 63% of respondents have been labeled as crypto-curious, which implies that they do not currently hold cryptocurrencies but are interested in learning more or invest soon in bitcoin and other cryptocurrencies and it's about the fairer sex!
