“Dogecoin rally could end on May 8”

Dogecoin (DOGE) is on the rise as Bitcoin (BTC) tries to hold onto the $ 55k support. According to an analyst, the DOGE bubble will burst this week.

Popular Twitter account Lowstrife, In his posts he shared on Tuesday He drew attention to the similarities between Dogecoin and XRP and warned that the “end” is near.

“Rising for the last time”

The DOGE / USD parity, which rose 112 percent throughout the week, continues to rise as of the translation broadcast time.

Elon Musk, one of the biggest supporters of crypto money, will soon become a TV show as “Dogefather (Doge’s father)” Saturday Night LiveWill present a part of. According to the analyst, the day of the program will be the last point for Dogecoin.

Should this happen, investors may experience similar losses to those seen at the end of the 2018 altcoin season.

Signs of the impending collapse are already visible in the spot market, according to Lowstrife.

“Each of the Doge’s major rallies this year has become smaller and less aggressive,” said the anonymous investor. I think this rally is the last rise. The date of May 8 should be watched closely, “he said.

1-day candlestick chart (Bittrex) of the DOGE / USD pair. Source: TradingView

Dogecoin’s current rally is similar to XRP’s recent rally, which saw its all-time high of $ 3.20 in 2018. XRP had slowly declined to $ 0.14, crashing 95.6 percent after seeing this level.

1-week candlestick chart (Bitstamp) of the XRP / USD pair. Source: TradingView

Check Also

What lies behind the giant XRP rally?

The shares of Ripple, the company that develops the infrastructure of XRP, are allegedly traded …

Leave a Reply

Your email address will not be published. Required fields are marked *