DOGE, the ultimate meme stonk, just can’t keep the green candles lit. After cruising through a wicked 48% pump earlier this month, the memecoin has skidded down 9.5% from its fresh local high of $0.149. As of October 23, DOGE is chilling at $0.135, getting kicked around by a 6.5% pullback in just the last 24 hours. It’s like the FOMO crew bailed after spotting some juicy gains, and they’re not waiting for no super-cycle.
The daily RSI tipped over 70, hitting that overbought zone that screams “yo, we’re stretched!” So traders, being the degens they are, started pulling the ripcord to bag profits. It’s not the first rodeo; back in late September, DOGE tanked 23.5% when RSI hit these same sky-high vibes.
Golden Cross… More Like Fools’ Gold?
Now, there’s this golden cross brewing—50-day EMA creeping up on the 200-day EMA—but here’s the rub: Dogecoin and golden crosses go together like water and oil. The TA purists always call it a bullish signal, but DOGE’s been rugging these expectations. Check it out: In November 2023, golden cross showed up, and instead of going parabolic, DOGE dumped 18.5%. December 2022? Same story, different page—down 13.8%.
So, you see why the whales ain’t stickin’ around. They’ve been frontrunning this pattern, snagging profits while the rest of the herd is just starting to load up their bags. If this dumpfest continues, don’t be surprised if DOGE bleeds back to $0.111, where its EMAs are hanging out, chillin’.
Treasury Yields Got Traders Sweatin’
But this isn’t just DOGE tripping over its shoelaces. The macro boys are in the house, with U.S. Treasury yields flexing hard. Two-year yields above 4%, and the 10-year yield tapping 4.24%, meaning the TradFi crew is parking cash where it’s safe and comfy. And when safe yield starts looking better than diamond-handsing DOGE, the risk appetite for meme stonks drops faster than a fat satoshi.
As yields heat up, everyone’s feeling the pressure. Fed’s slowing down rate cuts, which only makes holding risk-on plays like DOGE feel like swimming upstream with no paddle. The whales? They’re already in the lifeboats.
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