Dogecoin price has been flat since June, coinciding with the lack of interest among investors. It has plunged by 38% from its May highs. Despite this, technical analysis suggests that the DOGE token may rally soon as Donald Trump’s and Elon Musk’s accusations escalates.
Dogecoin Price Technical Analysis Signals a Rebound
DOGE price trades at $0.1595, giving it a market capitalization of $24 billion. Today’s retreat was accompanied by a high volume of $815 million, a 13% daily increase.
The daily chart points to an eventual Dogecoin price rebound after it formed a highly bullish chart pattern. It has formed a double-bottom pattern at $0.1445.
This pattern is characterized by two distinct support levels and a neckline, which in this case, is at $0.2596. The profit target in a double-bottom pattern is calculated by first finding its height, which, in this case, is about 44%. After this, one measures the same distance from the neckline.
In this case, measuring the same distance from the neckline gives the price target of $0.3753, which is up by 132% from the current level.
The bullish DOGE price forecast will become invalid if the token drops below the double-bottom level at $0.1445. Moving below that level will be a sign that bears have prevailed, which will push it down, potentially to the psychological point at $0.10.
DOGE to Ignore Elon Musk and Donald Trump Feud
The positive Dogecoin price outlook ignores the ongoing accusations between Donald Trump and Elon Musk. This feud, which was on ice for a while, reignited this week after Musk criticized the Big Beautiful Bill.
Musk is concerned about the end of electric vehicle incentives, which provided up to $7,500 credit to buyers. Its end will hurt Musk personally since he is the CEO of Tesla, the country’s biggest EV company.
Donald Trump criticized Musk, saying that he was aware of his dislike for the EV credits when he endorsed him. He also threatened to cut funding from SpaceX, Musk’s other company, which has billions in government contracts.
Musk has also pledged to fund Thomas Massie, a Republican whom Trump has complained about. Massie has bucked the Republican Party and failed to support its top priorities.
The Musk and Trump accusation will not have an impact on Dogecoin price because their relationship broke down in May. Also, Musk’s statements and even his appointment to lead the Department of Government Efficiency (DOGE) did not have an impact on the coin.
Summary
Dogecoin price has remained under pressure in the past few months, mirroring the performance of most coins. On the positive side, it has formed a double-bottom pattern that could trigger a strong rebound.
Frequently Asked Questions (FAQs)
The most likely DOGE price forecast is bullish since it has formed a double bottom pattern on the daily chart.
The most likely DOGE price target is $0.3753, up by 125% from the current level.
The invalidation point for this pattern will be at $0.1445, the double-bottom level.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Source: https://coingape.com/markets/dogecoin-price-pattern-signals-125-despite-elon-musk-and-trump-feud/