The memecoin community asks the ‘DOGE Father’ Elon Musk about his promises for Dogecoin (DOGE) after Trump’s election victory. Despite multiple attempts amid the Bitcoin revival, Dogecoin has failed to break from the $0.4 resistance level. This has led holders to speculate about the trajectory of the Dogecoin price in the ongoing bullish cycle.
Dogecoin Price Sights Retest as Capital Rotates Into Utility Tokens
The Dogecoin price continues to trade in a bearish channel despite Elon Musk’s endorsements and mentions on social media platforms post-elections. The recent market dip has raised eyebrows over the memecoin tokenomics as utility tokens are rallying here while DOGE fails to deliver after getting rejected from the $0.4 resistance.
The recent outflows from the DOGE and a 5.3% dip in the last 24 hours have made it difficult for the Dogecoin price to continue its bullish trend to reclaim the $0.45 support. This limited buying trend, declining RSI, and speculative momentum are triggering panic among the DOGE community as experts signal more volatility amid capital rotation to utility altcoins.
While the Dogecoin price is long expected to hit the $1 mark, market watchers voice a safe stance for the memecoin holders as it could have hit this cycle’s top after pumping to $0.45. While the Dogecoin price could continue its bullish leg-up after Fed rate cuts, the market still waits for a decisive breakout for the DOGE memecoin under Elon Musk’s leadership.
