Bitcoin Price Performance Mocked By Dogecoin Creator
In response to an article discussing several metrics for measuring development, the developer of Dogecoin mentioned Bitcoin’s contentious price movement and questioned whether it qualified as progress or not. He later acknowledged that it is.
Since breaking through the psychological resistance of $50,000, the first cryptocurrency, Bitcoin, has lost a significant portion of its value on the cryptocurrency market, sending fear among long- and mid-term investors who were hoping to make significant returns.
Given his general support for cryptocurrencies on Twitter, it is clear that the developer of the biggest memecoin on the market was asking humorously about the progress of Bitcoin. Later on, he clarified that progress is already being made if something is above zero.
How’s it going for Dogecoin?
Investors would not likely be pleased with the first memecurrency’s development, unfortunately, since DOGE is currently consolidating near the 50-day moving average and has failed to break through any local resistance levels on the chart.
Fortunately, a flag pattern is readily apparent here, hinting at the impending volatility spike that may be required for a rebound rally, given Dogecoin’s price performance over the last few months.
Memecoins have a chance for a turnaround rise in the next months since they are the riskiest assets in the entire sector and the industry’s improving attitude will likely lead to investors’ demand for risk.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
CoinCu News
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Bitcoin Price Performance Mocked By Dogecoin Creator
In response to an article discussing several metrics for measuring development, the developer of Dogecoin mentioned Bitcoin’s contentious price movement and questioned whether it qualified as progress or not. He later acknowledged that it is.
Since breaking through the psychological resistance of $50,000, the first cryptocurrency, Bitcoin, has lost a significant portion of its value on the cryptocurrency market, sending fear among long- and mid-term investors who were hoping to make significant returns.
Given his general support for cryptocurrencies on Twitter, it is clear that the developer of the biggest memecoin on the market was asking humorously about the progress of Bitcoin. Later on, he clarified that progress is already being made if something is above zero.
How’s it going for Dogecoin?
Investors would not likely be pleased with the first memecurrency’s development, unfortunately, since DOGE is currently consolidating near the 50-day moving average and has failed to break through any local resistance levels on the chart.
Fortunately, a flag pattern is readily apparent here, hinting at the impending volatility spike that may be required for a rebound rally, given Dogecoin’s price performance over the last few months.
Memecoins have a chance for a turnaround rise in the next months since they are the riskiest assets in the entire sector and the industry’s improving attitude will likely lead to investors’ demand for risk.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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