- Dogecoin price hits a bearish cap hard and falls.
- DOGE price is set to tank further and break below last week's low.
- Expect a further decline if Elon Musk does not come to the rescue.
Dogecoin (DOGE) price action is set to drop and make new lows on a weekly, monthly and yearly basis if some support does not come quickly from its backer Elon Musk. Since the Dubai Economic Forum, where Musk talked about Twitter and remained silent on any cryptocurrency topic, it has been very quiet around the person. Dogecoin price looks set to collapse further on the back of that as big names in crypto are turning their back on Dogecoin.
DOGE price is facing another 40% correction
Dogecoin price has long been one of the favorite cryptocurrencies from Elon Musk, next to Bitcoin. Remembering the special SaturdayNight Live episode starring the billionaire tilted Dogecoin to staggering heights. But the last few weeks, Musk has been utterly silent on anything that has to do with cryptocurrencies.
DOGE price thus lacks the stardust that Musk usually provided and could be at risk of a further collapse as long as he remains silent. Expect a break below last week's low, around $0.0588. From there, the price could quickly repel to $0.050, which coincides with the new monthly S1 support pivot and is just 1 cent of the $0.0409 historic pivotal level.
DOGE/USD weekly chart
As bulls have already launched an attempt to break the 55-day SMA price cap, the next attempt could be the right one to break the backbone of the downtrend. To do so, bulls will need to prevent price action break below the low of last week. By that, momentum can be kept, and bulls can build further on that trend to execute a bullish breakout towards $0.010.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Metaplanet raises $10M to buy BTC, ETH price moves below $1,600 as Tron gains signals panic
The cryptocurrency aggregate market capitalization stabilized around $2.7 trillion on Wednesday, with Bitcoin’s $84,000 support momentarily anchoring the market against external bearish discourses.
Chainlink active addresses drop as whale selling spikes, could LINK crash below $10?
Chainlink active addresses slide dramatically to 3,200 from February’s peak of 9,400. The downtrend in network activity coincides with increasing selling activity among whales with between 10 million and 100 million LINK.
Bitcoin stabilizes around $83,000 as China opens trade talks with President Trump’s administration
Bitcoin is stabilizing around $83,500 at the time of writing on Wednesday after facing multiple rejections around the 200-day EMA at $85,000 since Saturday. A breakout of this strong level would indicate a bullish trend ahead.
Binance Chain completes $914M BNB token burn, hinting at a potential rally
Binance Chain has finalized its programmed 31st quarterly BNB token burn, potentially setting the stage for the world’s fifth-largest cryptocurrency, with a market capitalization of $81.45 billion, to rally in the coming weeks.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.