Dogecoin (DOGE) rallying to all-time highs recently wasn’t just the beginning and investors in the meme cryptocurrency should brace for losses, veteran trader John Bollinger has warned.
In an April 21 tweet, the Bollinger Bands indicator creator posited that he had spotted an “important top” in DOGE.
How Dogecoin Could Fall 50% From Its Current Level
Some Dogecoin fans were set to push the coin’s value to $1 on April 20 — a day they declared as ‘Dogeday’. However, the day turned out to be a huge nothingburger as it ended with a 21% drop. DOGE is trading at an unremarkable price of $0.31 at press time, and Bollinger believes it might be due for further losses.
Bollinger says DOGE’s impressive April rally could retrace by a staggering 50%. He emphasized that the Bollinger %b indicator is demonstrating a lower high. This has formed a bearish divergence that could fuel a severe correction.
Adding to the grim outlook is the percentage difference between the lower band and the upper band — or the Bandwidth — which the technical analyst notes is also down.
Could Elon Musk Save Doge From Collapsing?
Although the technicals are quite bearish for Dogecoin, all hope is not lost. Bollinger acknowledged that the coin’s patron saint of price-boosting, Elon Musk, could very well “make a fool out of him”.
The SpaceX/Tesla CEO enjoys posting tweets about the eight-year-old cryptocurrency and causing wild swings in the market. Just last week, Musk referenced the meme coin in a tweet as it shot up from $0.15 to $0.40 in the span of days.
Musk who has 51.7 million followers on Twitter, might therefore tweet about DOGE in the coming days and negate the short-term bearish setup. And maybe this time it could finally enter the coveted $1-decimal club.
Bitcoin is now reeling after a rejection prevented further highs around the time Coinbase Global went live on the Nasdaq. The same stock market has also been booming alongside crypto – both markets gone parabolic against a common denominator: the dollar.
The greenback’s “exponential decay” is poised to continue, further benefiting crypto and equities. However, some short term abatement of hyperinflation could bring pause to the bull market.
When nearly every stock or crypto chart denominated in the same asset USD $ is parabolic, you’re looking at an exponential decay of the denominator. In the short term, there is a risk that they crash the market in order to abate some of the effects of the ongoing hyperinflation.
USD Inflation Drop Goes Parabolic Against Bitcoin, Stock Market
Flash back to around 14 months ago, before Black Thursday rocked finance and to when the pandemic first began. The stock market and cryptocurrencies were decimated by the panic that ensued.
But as a result of governments flooding the money supply with more money than ever before, both markets went ballistic. A bull market broke out in both stocks and cryptocurrencies, bringing all major indices to new all-times, and Bitcoin breaking all previous records.
Exponential Decay To Continue, According To Dollar Currency Index
The dollar is in trouble – there’s no doubt about it. It’s value against other top world currencies according to the DXY has fallen. Against Bitcoin and stocks, the drop has gone parabolic.
Zooming out on the DXY could suggest that the worst is yet to come for the greenback. A massive symmetrical triangle has formed, similar in shape as the one Bitcoin broke upward from to start the bull market.
Except before Bitcoin consolidated, the previous trend was up. In the dollar, the prevailing trend has been down, and that’s where things could still be headed if “exponential decay” continues as expected.
A fall of such magnitude as the measure rule would project, could take the top currency in the world down to historic lows. And with USD as the base currency at which all other assets are measured, price action could get a little wild.
As the second wave of coronavirus pandemic has started to run havoc in different countries, the Biden Administration is gearing up to announce another set of relief packages for the Americans. On top of the $2.3 trillion proposed stimulus package in the pipeline, the report suggests the White House is working on another $1 trillion American Families Plan proposal. The details of the newly proposed spending plans are yet to be discussed however, early reports indicate it would cover child care, universal pre-K, and community college tuition fee.
The slew of relief packages by the Biden Administration could offer direct cash stimulus to citizens which in turn could boost the stock and cryptocurrency market. The stimulus packages in the form of cash benefits to the citizen often flow into the market as people look for a better hedge against inflation in these troubled times. Bitcoin and cryptocurrencies have emerged as viable investment options offering better returns than most of the traditional assets.
Would Bitcoin Regain its Declining Bullish Momentum With Stimulus Cash Flow?
Bitcoin price correction last weekend saw the top cryptocurrency fall to sub $54K price levels after registering a new ATH in the second week of April. The retrace of nearly 20% did cause panic among many traders as many blamed the recent Chinese outage as the main cause, as it leads to a sharp drop in Bitcoin’s hashrate.
Historically government-led stimulus package has proven beneficial for Bitcoin and as the debate around its price reaching a potential top gains momentum, the Biden administration’s proposed relief and spending package could help it begin the next leg of the current bull run. The top cryptocurrency has also shown a distinct price pattern where it has registered a new ATH followed by a sharp retrace and a prolonged consolidation phase. As mainstream bitcoin and crypto adoption continues to rise, the stimulus package could offer a much necessary boost for the top cryptocurrency.
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Eros and Art have always existed side by side, the former being an inexhaustible source of inspiration and the latter a universal vehicle of expression. The Non-Fungible Token (NFT) tool represents a powerful new medium available to artists, both on the creative side thanks to the technological possibilities it enables, and on the economic side for the creation of new sales and distribution paradigms.
The blockchain startup PornVisory wanted to bring all these elements together by creating a new project called PornVisory ART, through which it will give space to artists of all expressive forms (painting, drawing, photography) who will be able to publish their works with erotic content.
To launch the new initiative, PornVisory ART has obtained the rights of a number of actors in the world of adult entertainment, whose images will be used in a series of NFTs whose first drop is scheduled for the end of April.
The first two characters will be Martina Smeraldi and Max Felicitas, who will appear in a series of 6 designs created in different styles and published with varying degrees of rarity.
Cashback in PVY tokens
In addition, there is the possibility of obtaining cashback in PVY, the token at the heart of the PornVisory ecosystem, and a “real” surprise that can be obtained with each actor’s last drop.
PornVisory was born in the second half of 2020, with a publishing project currently in an expansion phase and with a strong presence in blockchain through a Decentralized Flexible Organization created within the DFOhub ecosystem.
The company also announced that it plans to expand into the NFT world through a trading card game, scheduled for release in the last quarter of 2021.