Dogecoin is the hottest crypto of 2021, taking a major bite out of Bitcoin and Ethereum’s gains this year. These astronomical numbers the altcoin has done this year has sucked in more and more investors. However, anyone who didn’t have their DOGE bags packed previously could be in for some pain instead of “much wow.”
Here’s a closer look at the two sell signals that started showing their teeth as of today.
Every Dog Has Its Day, And It’s Been The Year Of Dogecoin
According to Oxford Languages, the phrase “every dog has its day” refers to the idea that “everyone will have good luck or success at some point in their lives.”
For Dogecoin, the last few days have been the “day” for crypto investors everywhere. Since January 1 of this year, the meme altcoin is up more than 9000% ROI. Not bad for a coin that was created as a “joke.”
Related Reading | Dogecoin Rallies After Elon Musk Commits “Literal Moon” to DOGE Bulls
These returns, however, are nothing to laugh about and some of the best the industry has to offer. Dogecoin has even made kibble out of Bitcoin and Ethereum – the two top cryptocurrencies by market cap.
The Shibu Inu adorned altcoin is beloved across the mainstream, promoted by the likes of Elon Musk, Snoop Dog, and more. The performance has been ‘best in show’ worthy all along, however, two TD 9 sell signals might be putting this rally to sleep for good.
A Duo Of Sell Signals Against The Dollar And Bitcoin Pack A Mean Bite
Dogs are known to get a little over excited, and eat a little too much or play a little too hard. Dogecoin has rallied so hard, it might be time to play dead.
But first, this old dog could roll over, according to the TD Sequential indicator.
An imperfect TD 9 setup has triggered after a sizable rally | Source: DOGEUSD on TradingView.com
Trading against the dollar, a TD 9 sell setup has appeared after an astronomical gain in recent days. The signal could wipe out as much as 80% from the coin’s price tag.
Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See
Against Bitcoin, the signal is also wagging its tail. The TD 9 sell setup on the BTC pair is even stronger of a setup, having been perfected with a higher high on the day.
The signal has been perfected on the Bitcoin trading pair | Source: DOGEBTC on TradingView.com
Because the USD pair isn’t perfect, Dogecoin could still play fetch the returns for a little while longer, keeping owners happy as can be.
This signal might suggest, however, that the adorable little pup could soon turn into a bear.
Featured image from Deposit Photos, Charts from TradingView.com
Credit: Source link
