Dogecoin DOGE experienced a dramatic 12.5% decline over the past 24 hours, plunging from 19 cents to 16 cents as tensions between President Donald Trump and technology entrepreneur Elon Musk weighed down on crypto markets.
News Background
- Dogecoin’s latest plunge comes against a backdrop of risk-off sentiment.
- Elon Musk — long known as a Dogecoin backer — said recently that the non-governmental Department of Government Efficiency (DOGE) would cease to exist as its work was deemed complete, cutting out a speculative catalyst that has oft impacted DOGE prices.
- Meanwhile, Musk’s public clash with former President Donald Trump over various economic and policy issues has drawn attention, adding another layer of intrigue to Dogecoin’s fortunes.
- While Musk’s support once propelled DOGE to dizzying heights, the token now faces the test of sustaining momentum amid shifting sentiment and global trade tensions.
As institutional investors reposition ahead of anticipated monetary policy shifts, DOGE’s future hinges on its ability to reclaim key resistance levels and rebuild trader confidence amid persistent volatility.
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**Price-Action
** The sell-off was punctuated by heavy selling pressure during the 16:00-20:00 timeframe, with trading volume spiking to over 1 billion units — nearly five times the daily average — suggesting institutional distribution rather than retail panic.
The sell-off coincides with mounting global trade disputes that have weighed heavily on risk assets, including cryptocurrencies. While some modest stabilization has emerged in the 17 cents area, the technical picture remains challenging. The $0.190 level has now become a formidable resistance zone, with price action showing only tentative signs of recovery amid persistent market caution.
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Technical Analysis Recap
- DOGE collapsed from $0.193 to $0.169, a 12.5% decline.
- Most intense selling occurred between 16:00-20:00, with volume exceeding 1 billion units — nearly 5x the average.
- Resistance formed at $0.190, with cascading sell orders rejecting multiple recovery attempts.
- Support established at $0.169-$0.170, with substantial buying interest creating a high-volume support zone.
- Price action has stabilized in the $0.171-$0.172 range, with modest accumulation patterns observed.
- Specific buying pressure emerged at 01:23, 01:34, and 01:50, briefly pushing price toward $0.172.
- A consolidation pattern is forming above the critical $0.169-$0.170 support zone, though risk remains elevated.
Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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