The meme coin community 'AbDoge' asks Elon Musk about his promises for Dogecoin (DOGE) after Trump's election victory. Despite several attempts amidst the Bitcoin rally, Dogecoin has failed to break the $0.4 resistance level. This has led to speculation among holders about the Dogecoin price path in the ongoing bullish cycle.
Dogecoin Price Looks to Retest as Capital Shifts to Utility Tokens
Dogecoin price continues to trade in a downtrend despite Elon Musk’s endorsements and mentions on social media after the election. The recent market decline has raised questions about the meme coin as a means of action as utility tokens surge here while Dogecoin fails to deliver results after being rejected from the $0.4 resistance level.
The recent outflows from DOGE and the 5.3% drop in the past 24 hours have made it difficult for Dogecoin price to continue its upward trend to reclaim the $0.45 support. This limited buying trend, declining RSI, and speculative momentum are causing panic among the DOGE community as experts point to further volatility amid capital shifts to affiliated altcoins.
While Dogecoin has long been expected to hit the $1 mark, market watchers are expressing a safe bet for the meme coin holders as it may have peaked this cycle after rising to $0.45. While Dogecoin may continue its upward trajectory following the Fed’s rate cuts, the market is still waiting for a decisive breakout of the Dogecoin meme coin under Elon Musk’s leadership.