Dogecoin Price Drops as the Battle Between Elon Musk and Trump Raises Fears

Dogecoin recorded a fall of over 10% in value over the past week amid Elon Musk and Donald Trump facing defeat. At the time of writing, the value of DOGE is $0.179 with a trading volume of $1.63 billion. Furthermore, with a market capitalization of $26.88 billion, this memecoin has secured the 8th position in the crypto market with a dominance of 0.8299%. Check Dogecoin price Technical The Bollinger Bands (BB) on the 4H timeframe have shown an increase in volatility as these bands widen. Notably, the DOGE price chart recently touched the lower band near $0.17, indicating increased selling pressure. The price has since recovered and is approaching the middle line.

With the memecoin DOGE moving towards the neutral zone, a price increase above this level could indicate that the market is heading towards growth. In the context of increasing trading volume, the price of DOGE has fallen sharply. This indicates that investors are dumping Dogecoin in large quantities. The increase in trading volume suggests a rise in volatility and the decrease indicates weak bullish sentiment. The Relative Strength Index (RSI) has fallen into the oversold territory in the past week. Notably, it is currently priced at 39.75 and shows a bullish trend pattern. This indicates that the market situation is improving in the four-hour time frame with a high potential for price reversal. What Will the Price of DOGE Be Next? The price of Dogecoin may retest the immediate resistance level at $0.183 if bullish sentiment increases. If the upward momentum remains at that point, the price may target the upper resistance levels of $0.200 and $0.217 in the near future. However, the rejection level around $0.183 could pull the value of this memecoin back to the important support level of $0.165 this month.