DOGE defies Elon Musk news, bears tighten their grip as the price eyes August lows. 🐕📉

Dogecoin (DOGE) has largely shrugged off the recent news of Elon Musk's legal victory. A federal judge in New York dismissed a class-action lawsuit accusing Musk and Tesla of manipulating DOGE’s price, stating that "no rational investor would base their decisions on Musk's tweets." Despite this, DOGE's price barely reacted, dipping 0.18% in the last 24 hours, with trading volume down by 24%.

Technical indicators suggest that bearish momentum is driving DOGE lower. The 12-hour chart shows the bears firmly in control, with the Directional Movement Index (DMI) revealing a strong bearish trend. The Chaikin Money Flow (CMF) indicator has also slipped into negative territory, reflecting capital outflows from DOGE.

Futures traders, however, remain optimistic, with a positive funding rate indicating a preference for long positions. But if selling pressure continues, DOGE could drop to its August 5 low of $0.08, risking significant liquidations. On the other hand, an improvement in market sentiment could see the token rebound by 10% to $0.11. $DOGE

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