Dogecoin has had a dramatic year. Starting only one year ago, DOGEUSD passed the one cent mark and embarked on a meme-fueled moon mission toward $1.
It never quite got there, and has been in a downtrend ever since. The downtrend has also since taken a walk down a dangerous path, putting the altcoin in jeopardy of another deadly drop. Here is what could be in store for Dogecoin in the days ahead.
Crypto House Training: Good DOGE, Bad Behaviors
There are two sides to every coin, and even a good dog can behave badly at times. Dogecoin was last year’s cryptocurrency all-star, rising from under a penny to nearly $1. It even managed to crack into the top five cryptocurrencies by market cap. It also caused a whirlwind of imitators.
Fans of the popular pup-based coin range from Snoop Dogg to the Dogefather himself, Elon Musk. These celebrity figures and the masses of the mainstream rode the Dogecoin rocket to success. Robinhood investors rejoiced; meme-coins went viral on TikTok.
Related Reading | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More
The ride itself has been rather bumpy as of late due to the increasingly risky macro environment. However, a possible chart pattern might suggest that it is time to abandon ship and send your DOGE back to the pound (or the dollar).
Is this a descending triangle in Dogecoin? | Source: DOGEUSD on TradingView.com
The Dangerous Descending Triangle In Dogecoin
Dogecoin is exhibiting a possible descending triangle chart pattern, pictured above. For comparison, the primary phase of the Bitcoin bear market is depicted side by side…