Dogecoin (DOGE) price down 10% as pullback continues

By: Michael Harris
Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to… read more.
on Feb 2, 2021
  • Max Keiser says the much-discussed Reddit forum WallStreetBets (WSB) is similar to Bitcoin
  • DOGE price is down about 10% as buyers fight to stay above the $0.03 mark
  • We might see an acceleration in the downtrend this week with the first major support located around $0.022

Dogecoin (DOGE) price is trading over 10% lower today as the retreat from the highs continues.

Fundamental analysis: Bitcoin and WallStreetBets have the same goal, according to Max Keiser

American broadcaster and Bitcoin supporter Max Keiser said the much-discussed Reddit forum WallStreetBets (WSB) is similar to Bitcoin as both seek to take advantage of a corrupt financial system.

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WallStreetBets has been one of the most discussed topics on Wall Street over recent weeks. The Reddit community is a group of retail investors that have been collectively boosting share prices of companies like GameStop and AMC Entertainment, causing hedge funds to lose millions of dollars.

Keiser said Bitcoin and WSB are much more similar than one would realize at first glance.

“The idea is to find an exploit in the corrupt system and swarm on it,” he said

However, he also pointed out a major difference between the two.

“The reason WSB, Reddit, and SqueezeSilver should focus exclusively on Bitcoin is that Bitcoin is the best, hardest money ever and once it drives fiat money out and becomes the global standard, we’ll see a permanent, societal change where central bankers and the poverty and violence they promote are erased from our lives,” Keiser added.

Keiser said this will be a step-by-step transformation given that all roads lead to the top cryptocurrency as the greatest “short-squeeze in a world swimming in negative interest debt and worthless fiat paper backed by nothing but violence, spectacle, and cheap celebrity-economist propaganda.”

Technical analysis: WSB frenzy slowing down?

DOGE price is down about 10% as buyers fight to stay above the $0.03 mark. The digital asset lost over 6% in value yesterday after DOGE traded nearly 1,000% higher at one point last week.

DOGE hourly chart (TradingView)

We might see an acceleration in the downtrend this week with the first major support located around $0.022. Looking lower, we also have $0.014, which marks the zone where previous highs are located. On the upside, the area around $0.035 is now resistance. 

Summary

Keiser Report host Max Keiser said Bitcoin and the popular Reddit community WallStreetBets are actually very similar as both are attempting to find an exploit in a corrupt financial system. In the meantime, the DOGE price has continued to retreat. 

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