Even Elon Musk can't save Dogecoin, says a Bitcoin expert who predicts that the meme-currency would soon be a disaster and plunge to $0.05 in the coming months, leaving investors high and dry.
The financial analyst, who goes by the name Tyler Durden and uses a pseudonym on Twitter, commands a big following. He predicts that Doge is programmed to fall to $0.05, as per the 'head and shoulders' pattern and there's nothing investors can do about it.
''Even Elon can't save this with his tweets. He's tried and each time he just created another lower high. $0.05 is programmed,'' he tweeted and the account is now made private.
The analyst claims that Dogecoin pre-maturely reached its lifetime high of $0.70 in May, 2021 after being hyped up by Elon Musk's Saturday Night Live (SNL) performance. After it plummeted post his appearance, Doge met its 'head & shoulders' moment of trend reversal and might take years to even reach its previous high.
What Is 'Head and Shoulders' Pattern?
As per Investopedia, the 'head and shoulders' pattern of candle stick chart depicts a ''bullish-to-bearish trend reversal'' that eventually signals that an investment's ''upward trend is nearing its end.''
The head and shoulders pattern is said to be one among the most accurate and reliable trend reversal patterns and several experts base their predictions on the head and shoulders pattern before officially sending out their signal on what the future might hold in the financial markets.
Elon Musk's Tweets No Longer Powerful To Help Dogecoin
The Tesla CEO made Dogecoin the center of attraction with his tweets and investments making the meme currency triple in value in just a days time in April.
Since then, Musk has been regularly tweeting about Doge and despite trying hard to make the value shoot up, the coin is spiraling downwards when he mentions the coin, signaling that the hype about the token is fizzling out.
At the time of publishing, Dogecoin was trading at $0.20 and is down -3.23% in the day's trade. The coin has been on a decline everyday despite being a star on social media and its rise is dependent not on investors, but on hype and gimmicks, which is not seen as a good investment option by financial experts.
