Veteran trader Peter Brandt has spotted a "double-headed monster" pattern in Dogecoin(DOGE) charts, which he thinks is indicative of an incoming downturn in the meme currency’s price.
On Monday, Peter Brandt took to his Twitter account to analyze Dogecoin’s price trajectory in the future. The Factor LLC founder routinely posts crypto charts on the social media platform with his accompanying take on the performance of various digital assets.
The chart cited by Brandt in his latest tweet on DOGE reflected the head and shoulders(H&S) pattern, only this time it had two heads. In technical analysis, the H&S pattern normally points to a reversal of an asset’s price from bullish to bearish.
With the latest chart, Brandt seems to be predicting further losses for the meme currency. Just days ago, he shared a similar pattern for DOGE, although at the time he said that patterns might not always have the expected effect in the case of cryptos.
A disgruntled trader has filed a class-action lawsuit against leading crypto exchange Coinbase, alleging that the platform misled him with a deceptive marketing campaign.
In a legal document filed in the San Francisco federal court, complainant David Suski claimed that he paid $100 worth of Dogecoin to enter the "Trade Doge, Win Doge" contest, launched by Coinbase in June after it announced the listing of DOGE on its exchange. Suski added that he could have participated in the sweepstakes for free if Coinbase had disclosed the relevant information clearly.
In the promotion campaign, Coinbase outlined that participants must trade a minimum of $100 of Dogecoin to be eligible for the sweepstakes. But people could also enter the contest by mailing a 3 X 5 index card with their name, address, and birth date. By law, companies are required to provide participants free entry into any sweepstakes.
According to Suski, the marketing campaign deceived traders by using “false and misleading” tactics. The complaint is especially critical of the design of the promotional ad, which put a link to the contest’s rules in faint text and mentioned the free of charge option under a separate “rules and details” section.
Suski believes that Coinbase intentionally concealed the free option to increase liquidity on its platform. The complaint adds that the exchange and the marketing company responsible for the campaign were aware of the flaw in their promotion and repeated the strategy with a recent $2 million Bitcoin sweepstakes.
The lawsuit has demanded $5,000,000 from Coinbase in damages for Suski and other traders who felt cheated by the exchange.