Dogecoin, the once-dominant meme coin, experienced a notable drop of 8% in the past 24 hours. This decline comes alongside broader market weakening and a shift away from memecoins like DOGE. While the cryptocurrency briefly surpassed $0.20 earlier this week, it’s now approaching support at $0.15 amidst uncertainty in the crypto market.
The latest downturn has been fueled by public clashes between Tesla CEO Elon Musk and US President Donald Trump. This feud, centered on political disagreements and media narratives surrounding crypto regulation, has sparked widespread reactions across social media platforms, impacting both DOGE’s speculative momentum and broader market sentiment. While past instances of Musk’s tweets and public appearances have triggered swift price movements, this latest exchange is not directly related to the cryptocurrency itself.
Technical indicators like the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) suggest potential for further downward movement. A drop below a crucial support level and lack of buying volume indicate a bearish environment for Dogecoin at present.
However, Dogecoin retains a passionate community base, and historical data suggests it’s capable of rebounding from significant losses. To regain momentum, DOGE needs to overcome the $0.17 resistance point and demonstrate sustained buying activity before regaining bullish traction.
As the market navigates these shifts and uncertainties, other exciting developments in the crypto landscape are emerging. Bitcoin ATM operator CoinFlip is exploring a sale worth over $1 billion amidst an evolving industry shake-up within crypto ATMs.