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Dogecoin ZKP Upgrade Faces Uncertainty as Bearish Chart Signals Hint at 77% Crash Risk
The proposed Zero-Knowledge Proof (ZKP) upgrade for Dogecoin, a move aimed at bolstering scalability and privacy, now faces uncertainty amidst bearish chart signals hinting at a potentially catastrophic 77% crash risk.
Dogecoin’s recent price action has formed a bearish flag pattern on its daily chart, indicating a possible continuation of the previous downtrend. The ominous signal warns that the cryptocurrency may plummet to levels seen near $0.05296 in the coming months, as highlighted by the diagonal arrow on the chart.
Moreover, the RSI (Relative Strength Index) has not only touched the overbought zone but has also reversed, signaling a weakening of bullish momentum and adding further credence to the pessimistic outlook. A slide towards 50 could potentially confirm a stronger shift in trend, reinforcing the broader bearish view.
Furthermore, the MACD (Moving Average Convergence Divergence) chart has already shown signs of waning momentum following the last upswing, suggesting that any potential dip might be particularly intense. If the MACD line were to flatten and cross back below the signal line, this would align with the RSI weakening and the breakdown seen on the price chart.
The proposal for ZKP integration is not yet approved by validators, but community feedback has been largely positive thus far. If support continues to grow, implementation may follow in due course.
Source: coinchapter.com
