Dogecoin Price Turns Bearish as Elon Musk-Trump Feud Ignites Fear

Dogecoin's price has experienced a decline of over 10% in value over the past week, potentially influenced by the developments surrounding Elon Musk and Donald Trump. As of this writing, DOGE is priced at $0.179, with a trading volume of $1.63 billion. With a market capitalization of $26.88 billion, this popular memecoin currently holds the 8th position in the cryptocurrency market, commanding a dominance of 0.8299%.

Check Dogecoin Price Technicals

Bollinger Bands (BB) on the 4-hour timeframe indicate heightened volatility, as evidenced by their widening. The DOGE price recently tested the lower band near $0.17, suggesting significant selling pressure. The price has since recovered and is approaching the midline.

With Dogecoin heading toward its neutral zone, a price increase above this level could signal a shift towards market growth.

The recent surge in trading volume coincided with a notable drop in DOGE's price, indicating substantial selling activity. While increased volume typically reflects higher volatility, declining volume levels may suggest weakening bullish sentiment.

The Relative Strength Index (RSI) dipped into oversold territory last week. Currently at 39.75, the RSI shows an upward trend, suggesting improving market conditions on the 4-hour timeframe and a potential price reversal.

What’s Next for DOGE Price?

If bullish momentum strengthens, Dogecoin could retest its immediate resistance level of $0.183. Sustained momentum at that level could pave the way for a move towards upper resistance levels of $0.200 and $0.217 in the near future.

However, a rejection around $0.183 could trigger a pullback, potentially driving the memecoin's value back towards its crucial support level of $0.165 this month.