Dogecoin’s recent price decline highlights the impact of external social dynamics on cryptocurrency markets, with the Elon Musk-Donald Trump feud triggering notable bearish sentiment.
Despite the downturn, technical indicators suggest potential stabilization and a possible rebound, reflecting the volatile yet resilient nature of memecoins like DOGE.
According to COINOTAG, “The current market behavior underscores the sensitivity of altcoins to high-profile social events, emphasizing the importance of monitoring both technical and sentiment factors.”
Dogecoin price drops over 10% amid Elon Musk-Trump feud, but technical signals hint at possible recovery. Explore DOGE market trends and future outlook.
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The Dogecoin price has experienced a significant downturn, dropping over 10% in the past week, largely influenced by the public feud between Elon Musk and Donald Trump. At $0.179 per DOGE, with a trading volume of $1.63 billion and a market cap nearing $27 billion, Dogecoin remains a dominant player in the altcoin market. The Bollinger Bands on the 4-hour chart reveal widening bands, indicating increased volatility. The recent dip touching the lower band near $0.17 suggests heightened selling pressure, yet a rebound towards the midline signals potential market correction. Investors should note that such volatility is typical in memecoin trading, where sentiment often drives price movements more than fundamental factors.
Trading volume has surged concurrently with the price drop, highlighting a wave of sell-offs among Dogecoin holders. This volume spike typically correlates with increased market uncertainty and volatility. The Relative Strength Index (RSI) dipped into oversold territory last week but has since risen to 39.75, indicating improving momentum. This upward RSI trend in the short-term 4-hour timeframe suggests that bearish pressure may be easing, opening the door for a possible price reversal. Market participants should watch for confirmation signals before positioning for a sustained recovery.
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Source: https://en.coinotag.com/dogecoin-price-faces-bearish-pressure-amid-elon-musk-trump-feud-and-market-volatility/