Dogecoin (DOGE) Could Face a 25% Price Decline, What’s Matter?

Dogecoin (DOGE): Preparing for an Upswing Despite Market Correction

Following a remarkable 105% surge, Dogecoin (DOGE) has witnessed a shift in sentiment but appears poised for another rally. Amidst the broader cryptocurrency market's current struggles, DOGE stands out with notable developments.

Trump's Contribution and DOGE

Elon Musk's recent contribution to Donald Trump's presidential campaign brought DOGE into the spotlight. Trump's proposal for a "Department of Government Efficiency" (DOGE) attracted investor interest. Since Trump's election, DOGE has received substantial attention and accumulation. Musk and Vivek Ramaswamy's appointment to oversee the D.O.G.E. department has kept DOGE in the news.

Current Price Momentum

Today, DOGE hovers around $0.35, marking a 10% decline over the past day. Trading volume has also fallen by 30%, suggesting diminished participation as the price consolidates.

Technical Analysis and Key Levels

Technical analysis identifies DOGE's crucial support level at $0.35. A decline below this threshold and a close below $0.35 could trigger a significant price drop. Conversely, a bullish trend may emerge if DOGE breaks above its consolidation range and closes above $0.41.

These levels are pivotal, and traders can monitor DOGE's price momentum to anticipate potential rallies or declines.