Prominent trader Peter Brandt has tweeted that Dogecoin is forming the "Here we go round the Mulberry Bush" chart pattern.
The bizarre name of the made-up pattern refers to a popular English nursery rhyme for children. It is meant to be sung while children dance around in a circle. The lyrics describe a group of children going around a mulberry bush doing various activities, such as collecting water and washing clothes.
Brandt appears to suggest that Dogecoin is currently in the middle of a “round trip,” which means that price gains are followed by losses. The metaphor here is pointing out the fact that DOGE is incapable of advancing since it keeps spinning in circles.
As reported by U.Today, the price of Dogecoin declined on Monday yet again after Tesla CEO Elon Musk ran a poll for Twitter users to decide whether he should remain in charge of the social media platform. Dogecoin remains sensitive to Musk-related moves.
The world's most popular meme cryptocurrency has been on a spectacular ride over the past two years. After posting immense gains in early 2021, DOGE is now down 90.14% from its all-time high that was achieved last May.
Higher interest rates resulted in investors shifting their focus away from risky cryptocurrencies like Dogecoin and moving towards more traditional investments. However, the cryptocurrency is still valued at $9.9 billion.