Dogecoin co-founder tells community to shift focus away from hype and price while DOGE is sealed in downtrend
|- Dogecoin co-founder Billy Markus recently suggested to the community that they should shift their focus away from hype and price speculation.
- The meme token co-founder said that the community should instead focus on building projects with long-term potential.
- This comes at a time when DOGE price has fallen over 80% from its record high.
Dogecoin co-founder Billy Markus has told the DOGE community to shift their focus from the unsustainable hype and price on cryptocurrency projects. He claims that investors should not focus on price speculation but instead on building promising projects. This comes at a time when the canine-themed token’s price has been locked in a downtrend.
Dogecoin co-founder worries toxicity could hurt the DOGE brand
The co-founder behind the meme-based cryptocurrency stated that the community should have witnessed that the hype “is unsustainable,” and therefore should shift their focus away from hype and price.
He added that investors should shift their focus from price speculation to building projects with long-term potential in the future. This comes at a time when the canine-themed cryptocurrency has lost over 80% of its value from its all-time high.
Markus stated that toxicity could negatively impact the Dogecoin brand, resulting in hurting its adoption. He further encouraged the community to have fun with the coin without “getting too crazy and entitled.”
Dogecoin price paralyzed by weakness
Dogecoin price has formed a descending parallel channel on the 12-hour chart, as the meme token continues to be locked in a downtrend. DOGE could fall further to tag the lower boundary of the prevailing chart pattern at $0.124 if selling pressure continues to increase, resulting in a 10% drop.
However, if a spike in buy orders occurs, Dogecoin price may face immediate resistance immobilizing the meme token at the 21 twelve-hour Simple Moving Average (SMA) at $0.141.
Only a decisive break above the aforementioned obstacle would see Dogecoin price tag the 50 twelve-hour SMA at $0.153 next, then at the 100 twelve-hour SMA at $0.162, coinciding with the middle boundary of the governing technical pattern.
DOGE/USDT 12-hour chart
Bigger aspirations will target the 23.6% Fibonacci retracement level next at $0.171 before facing another hurdle at the resistance line given by the Momentum Reversal Indicator (MRI) at $0.184.
Investors should note that until Dogecoin price breaks out of the confinement of the boundaries given by the parallel channel, DOGE could continue to consolidate.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.