Dogecoin co-founder tells community to shift focus away from hype and price while DOGE is sealed in downtrend

Dogecoin co-founder Billy Markus has told the DOGE community to shift their focus from the unsustainable hype and price on cryptocurrency projects. He claims that investors should not focus on price speculation but instead on building promising projects. This comes at a time when the canine-themed token’s price has been locked in a downtrend.

Dogecoin co-founder worries toxicity could hurt the DOGE brand

The co-founder behind the meme-based cryptocurrency stated that the community should have witnessed that the hype “is unsustainable,” and therefore should shift their focus away from hype and price.

He added that investors should shift their focus from price speculation to building projects with long-term potential in the future. This comes at a time when the canine-themed cryptocurrency has lost over 80% of its value from its all-time high.

Markus stated that toxicity could negatively impact the Dogecoin brand, resulting in hurting its adoption. He further encouraged the community to have fun with the coin without “getting too crazy and entitled.”

Dogecoin price paralyzed by weakness

Dogecoin price has formed a descending parallel channel on the 12-hour chart, as the meme token continues to be locked in a downtrend. DOGE could fall further to tag the lower boundary of the prevailing chart pattern at $0.124 if selling pressure continues to increase, resulting in a 10% drop.

However, if a spike in buy orders occurs, Dogecoin price may face immediate resistance immobilizing the meme token at the 21 twelve-hour Simple Moving Average (SMA) at $0.141.

Only a decisive break above the aforementioned obstacle would see Dogecoin price tag the 50 twelve-hour SMA at $0.153 next, then at the 100 twelve-hour SMA at $0.162, coinciding with the middle boundary of the governing technical pattern.

DOGE/USDT 12-hour chart

Bigger aspirations will target the 23.6% Fibonacci retracement level next at $0.171 before facing another hurdle at the resistance line given by the Momentum Reversal Indicator (MRI) at $0.184.

Investors should note that until Dogecoin price breaks out of the confinement of the boundaries given by the parallel channel, DOGE could continue to consolidate.