Well-known trader Peter Brandt states that Dogecoin (DOGE) has created a “Here we go around the Mulberry Bush” chart pattern announced. The odd name of the invalid model refers to a popular English nursery rhyme for kids. The rhyme in question is intended to be sung while the children dance in a circle. The lyrics describe a group of children walking around a mulberry bush doing various activities, such as collecting water and doing laundry.
Accordingly, Brandt seems to be suggesting that Dogecoin is currently in the middle of a “round trip,” meaning it has suffered losses following price spikes. The metaphor here is that DOGE can’t move forward because it keeps running in circles.
DOGE price
Koinfinans.com As we reported, the price of Dogecoin fell once again on Monday after Tesla CEO Elon Musk conducted a survey of Twitter users. Dogecoin continues to react to Musk-related moves.
The world’s most popular cryptocurrency has had an amazing journey over the past two years. After posting massive gains in early 2021, DOGE fell 90.14% from its all-time high last May.
Higher interest rates have caused investors to move away from risky cryptocurrencies like Dogecoin and turn to more traditional investments. However, the cryptocurrency is still worth $9.9 billion.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.