During the swearing-in ceremony, as President of the United States of America, Donald Trump failed to mention cryptocurrencies in his speech. This further led to a significant overnight correction in the crypto market as Bitcoin price retested its $102,000 level.
Additionally, the memecoin segment saw the highest correction, with Trump meme coins crashing more than 30%. The largest memcoin, Dogecoin price, suffered a similar fate by breaking its important support trendline.
DOGE price records increased bearish action!
Dogecoin price showed a southward trend for the 4th day in a row, highlighting increased negative influence. Notably, the 7th largest crypto token lost around 9% in 24 hours with a drop of over 23% in its intraday trading volume.
The Moving Average Convergence Divergence (MACD) records a steady decline in the green histogram. Additionally, the averages are about to experience a bearish crossover during the daily time frame. This suggests an increase in the negative influence of the largest memecoin.
Additionally, the SMA indicator shows similar price action, witnessing a bearish convergence in the Dogecoin price chart. This highlights that the DOGE meme coin could lose momentum this week.
Will DOGE Memecoin hit $0.50 this month?
Suppose a bullish trend reversal occurs, in such a situation, Doge coin price will retest its resistance level of $0.385. If investor involvement intensifies at this point, it could push the price towards its upper resistance level of $0.440.
On the contrary, if the declines continue to gain momentum, DOGE coin will retest its important support level of $0.325. Additionally, if the negative sentiment intensifies, it could push it towards its lower support level of $0.265.
Wondering if DOGE coin price will reach $1 in 2025? Read CoinPedia Dogecoin Price Prediction to deploy possible action in the long term!
FAQs
With increased bullish sentiment and increased adoption, the DOGE memecoin could reach a peak trading value of $3 by 2030.
Amid increased adoption and crypto-friendly policies, DOGE coin could hit the $1 mark this year.
In 2029, the value of Dogecoin could vary between $1.59 and $2.63.