input: Dogecoin (DOGE) price is once again in the spotlight—this time not for a meme-fueled rally, but for fears of a dramatic crash. As June 2025 begins, several red flags are flashing on the charts, and recent headlines involving Elon Musk stepping away from his role in Trump’s “DOGE” government initiative have only added fuel to the fire. Could this be the beginning of Dogecoin price downfall, or is the market simply overreacting?

Dogecoin Price Crash: What Do the Charts Say?

Dogecoin price is currently trading at $0.19009, a level dangerously close to key support zones. On the daily chart, DOGE has broken below both its 20-day and 50-day moving averages, which sit at $0.22253 and $0.19578 respectively. More concerning is the proximity to the 100-day SMA ($0.18874). If this level fails to hold, the next psychological and technical support lies near $0.150, a 21% drop from current levels.

The hourly chart confirms this bearish sentiment. DOGE price has been in a steady downtrend since May 29, forming lower highs and lower lows. Price is suppressed below all key moving averages (20, 50, 100, and 200 SMA), with strong resistance stacked around $0.195 and $0.207. Short-term momentum remains weak, and every intraday bounce is being sold into.

Let’s break this down numerically:

From $0.207 resistance to $0.190 = -8.21% decline.

If Dogecoin price breaks the $0.188 support, the likely fall to $0.150 would mean ~21% downside. From current price to zero = theoretical -100% loss, which may sound extreme, but the structure isn't denying the trend is heavily bearish.

Dogecoin Price Prediction: Why Is Elon Musk’s Exit a Big Deal?

Musk was a key figure in the U.S. government’s initiative to explore the use of cryptocurrencies for government functions. His involvement, which began in March 2024, followed a suggestion by former President Donald Trump.

However, Musk confirmed in May that he was stepping away from this role. In a statement to the U.S. government, Musk said that he had no plans to continue with the initiative.

“I am not interested in continuing this role. I believe it would be best served by someone who can devote more time and attention to it,” Musk said in an email.

A spokesperson for the U.S. government confirmed that Musk had stepped away from his role and the search for a replacement was underway.

Musk’s exit comes as the government’s crypto initiative has faced several setbacks.

Earlier this year, the U.S. government announced plans to launch a central bank digital currency (CBDC) by June 2025. However, these plans have since been delayed due to concerns from lawmakers about privacy and consumer protection.output: Dogecoin (DOGE) price has been closely followed by crypto traders in recent times. This follows a turbulent period for the cryptocurrency markets, largely driven by macroeconomic shifts and the U.S. government's evolving stance on crypto.

As June 2025 commences, several technical red flags are flashing on the Dogecoin chart, suggesting that the coin could be heading lower. Meanwhile, Elon Musk has stepped away from his role in Trump's "DOGE" government initiative.

Could this spell trouble for Dogecoin price, or is the market overreacting? Let's take a look.

Dogecoin Price Back in Focus As Technical Levels Break Down

Dogecoin price is currently trading at $0.19009. On the daily chart, this level is closely observed as it marks the lower boundary of a key support zone, spanning from $0.180 to $0.190.

At present, Dogecoin has dipped below both its 20-day and 50-day moving averages, which are located at $0.22253 and $0.19578 respectively.

The 100-day SMA is now closely observed, as it provides an immediate technical prop to the coin. At the time of writing, this SMA is at $0.18874.

If this bears the brunt of selling pressure and breaks, the next psychological and technical support is at $0.150, which would represent a 21% drop from current price levels.

On the hourly chart, we can see that Dogecoin price has been trending lower since May 29, forming lower highs