Dogecoin Recovers After Musk-Trump Drama, Bulls Defend $0.18 Support

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Musk's actions continue to impact DOGE price as traders reassess market risk.
The $0.18 support zone is of crucial importance for Dogecoin’s short-term trend.

Dogecoin (DOGE) experienced increased volatility following recent events involving Elon Musk. The memecoin briefly dipped to $0.181 before recovering slightly. Trading volume increased as investors reacted, highlighting the market's sensitivity to Musk's activities.

Musk-Related Developments Influence Price
Dogecoin's price fluctuations followed developments related to Elon Musk, sparking speculation within the crypto community.
At the time of writing, DOGE is trading at $0.1874, reflecting a modest daily gain of 1.11%, though overall momentum remains uncertain.

Source: Coinmarketcap

Data from CoinMarketCap indicates DOGE’s market capitalization is $28.04 billion, maintaining its position as the eighth-largest cryptocurrency. The token currently holds a market dominance of 0.8299%. Trading volume rose 7.97% to $878.99 million, suggesting heightened activity amidst the current backdrop.

Despite the earlier dip, DOGE showed some resilience in late trading, indicating lingering optimism among some traders. However, a cautious sentiment prevails in the broader market.

DOGE/USD Faces Critical Test at $0.18 Support Level
Crypto analyst Crypto Tony has shared a technical perspective on DOGE, specifically the DOGE/USDT pair. Based on a chart shared on the 1-week timeframe, the token is currently testing a key support area at $0.18. This level has historically acted as both resistance and support, making it a critical point for future price movements.

Source: TradingView

Tony suggested that failure to maintain a position above $0.18 could lead to increased bearish pressure. The chart illustrates a previous rally that reached $0.45, followed by a sustained downtrend. DOGE is now consolidating, with buyers exhibiting caution near the mid-resistance level of $0.23.

Recent weekly candlestick patterns suggest a tentative recovery attempt. A significant bounce from $0.18 could potentially reignite bullish momentum as the market progresses.

Conversely, a break below this support level could signal renewed selling pressure. The upcoming weeks will be crucial in determining whether DOGE stabilizes or continues its downward trajectory.

Currently, bulls must defend this level to prevent further declines. Market participants are closely monitoring the $0.18 zone as sentiment remains divided regarding the token's short-term outlook.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making any financial decisions.