The price of Dogecoin (CRYPTO: DOGE) dropped by 3% in the last 24 hours as market sentiment shifted due to the U.S. tariffs. Despite this, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) managed to hold their ground.

However, Dogecoin failed to build on the previous day’s gains as traders remained apprehensive about the possibility of a looming recession in the United States.

What Happened: Dogecoin is trading at $0.1604 with a 24-hour trading volume of $897.96M. Dogecoin is down 3.09% over the last 24 hours, according to CoinMarketCap.

Dogecoin's market cap is $23.89 billion, placing it 10th in CoinMarketCap's cryptocurrency rankings.

Betting markets have adjusted the probabilities of a U.S. recession in 2025 to a 40% to 60% chance, escalating broader market concerns.

Amidst these worries, Augustine Fan, head of insights at SignalPlus, noted that crypto could benefit from the volatility in traditional equities.

“Crypto has seen higher stability compared to stocks, and Bitcoin's 'store of value' narrative is slowly regaining strength,” Fan explained.

As tariff worries subside, there is cautious optimism in the market that the worst may be over. Some analysts believe that the trade relations between the U.S. and other countries could change soon with the ongoing trade talks. However, the situation with the rest of the cryptocurrencies is still unclear, and many traders are awaiting the outcome of these events.

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Dogecoin is testing key support at $0.15. A break below this level could target $0.13. However, a break above $0.18 could pave the way for a move towards $0.21.

The next few weeks may be decisive for Dogecoin. If sentiment improves and the threat of a recession is reduced, then a reversal of the trend may be expected. For now, all eyes are on the United States and its actions in trade and how they will affect the crypto market.