DOGE Down 22% After Trump-Musk Fallout — Is the Original Meme Coin Finished?

Dogecoin takes a nosedive, plunging 22% following a high-profile spat between Trump and Musk. This steep decline raises questions about the future of the original meme coin. Could this be the end for Dogecoin, or will other coins step up to the plate? The article explores which cryptocurrencies might be poised for a surge.

Dogecoin Price Struggles: Bears Hold the Upper Hand

Source: tradingview 

Dogecoin's price is in a tight spot, fluctuating between about $0.18 and $0.22. Bulls seem weak, as bears lead with a recent 17% drop over the past week. Currently, Dogecoin is below its 100-day average, signaling more seller control. The Relative Strength Index is under 50, hinting at less buying momentum. Immediate resistance lies at around $0.25, and if this is broken, it might climb by roughly 35% to the next hurdle, nearly $0.30. However, if bears push harder, Dogecoin could fall to close support at about $0.16, risking a dip of around 27% to the second support level near $0.11. It's a cautious time for investors.

Conclusion

The recent 22% drop in Dogecoin following the Trump-Musk dispute has significantly impacted investor confidence, positioning DOGE in a challenging market scenario. Despite current bearish pressures and weakened bullish momentum, Dogecoin still retains potential to rebound if it successfully surpasses the critical resistance at $0.25. However, investors should remain cautious, as further downside toward the $0.16 and potentially $0.11 support levels remains a real possibility. The future of the original meme coin hinges on broader market sentiment and the community's resilience amid turbulent events.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.