After an impressive 105% upward move sentiment around Dogecoin ($DOGE ), the most popular meme coin, has shifted. While DOGE seems readying for another potential rally, the broader crypto market is struggling to maintain momentum, experiencing a pullback that looks like a correction after recent gains.
Elon Musk and Dogecoin’s Recent Highlights
DOGE recently gained attention when Elon Musk contributed to Donald Trump’s presidential campaign, where Trump proposed a new “Department of Government Efficiency,” or “DOGE.” Since Trump’s election as U.S. president, Dogecoin has seen increased interest and accumulation from investors. Recently, Trump appointed Musk and Vivek Ramaswamy to oversee the DOGE department, yet despite this, Dogecoin’s price hasn’t seen significant movement.
$DOGE ’s Current Price Momentum
At present, DOGE trades near $0.35, having dropped 10% in the last 24 hours. Additionally, its trading volume has decreased by 30%, suggesting reduced market participation as it sits in a consolidation phase.
Technical Analysis and Key Levels for DOGE
Technical experts indicate that DOGE is testing a crucial support level at $0.35, and a dip below this could trigger a larger decline in the days ahead. DOGE is currently consolidating between $0.35 and $0.41; breaking below $0.35 could lead to further downside, while a daily close above $0.41 might signal a potential bullish breakout.
These key levels offer guidance for traders and investors to anticipate DOGE’s next major move, with recent price action pointing to possible volatility in either direction.