Recent technical indicators have sparked concern about Dogecoin (DOGE) potentially experiencing a substantial decline, with some traders anticipating a drop of up to 60%. Whether Elon Musk’s continued public support will be enough to steer DOGE away from this trajectory remains uncertain. This comes amid increasing selling pressure on the cryptocurrency, indicated by large institutional investors selling billions of DOGE in just two days. Even the launch of the REX-Osprey DOGE ETF, which debuted with $30.7 million in assets, has failed to instill confidence. This limited influx, compared to XRP’s significantly stronger debut, highlights skepticism about Dogecoin’s long-term prospects despite Musk’s persistent backing. Trading strategies are now focused on critical support levels between $0.17 and $0.18, an area identified as a historical demand zone that may offer a potential rebound for buyers. However, the looming death cross adds further uncertainty, leaving the next few sessions crucial in determining whether DOGE will stabilize or continue its downward trajectory. Will Musk’s continued involvement through his X (formerly Twitter) integration and potential payment use cases play a role in revitalizing the crypto’s utility narrative? 22% to $0.1515 is a possible outcome if support fails, with a worst-case scenario of Dogecoin falling as low as $0.0052. Analysts like Frank Agbo are urging caution, suggesting DOGE buyers should wait for confirmation before entering the market, while others believe it may bounce back to $0.26 or even $0.27 if bulls can defend the green zone. The future of Dogecoin hangs in the balance as traders and investors navigate this volatile landscape.