Dogecoin price today slid further and hovers near its lowest level since November last year. The drop in the meme coin comes amid broader fear among investors after Donald Trump implemented sweeping tariffs.

The price of DOGE dropped by 2.4% in the past 24 hours to $0.1544 by 07:08 ET on Wednesday, marking its lowest point since November 2023. This decline follows a triple-digit percentage surge in the cryptocurrency earlier this year.

Trump's administration has begun imposing tariffs on goods from China, aiming to reduce the U.S. trade deficit and boost domestic employment. However, these tariffs have sparked concerns among investors about rising prices and a potential slowdown in economic growth.

"The market is digesting the news of Trump's tariffs, which could lead to inflation and lower economic growth," said Edward Moya, a market analyst at Oanda. "This uncertainty is causing investors to prefer safer assets, such as the dollar and bonds, over riskier assets like cryptocurrencies."

The cryptocurrency slid further as the odds that Elon Musk will abandon the DOGE project this year rose on Polymarket.

Elon Musk Odds of Leaving DOGE

Polymarket traders believe that Elon Musk, the wealthiest person in the world, will abandon his position as the CEO of DeepMind this year. A poll with over $131k in assets shows that these odds have soared to a record high of 77%, up from 55% on April 1.

These odds have jumped after a Democratic judge won a seat in Wisconsin in a sharp rebuke to Musk who spent billions of dollars in the campaign. Also, the probability has jumped as he watches his Tesla stock implode. It has crashed by over 40% this year, erasing over $1 trillion in value.

The probability that he will leave the DOGE position explains why the Tesla stock price jumped by over 5% on Wednesday. Analysts believe that leaving DOGE would let him focus fully on his company.

Musk’s exit from the DOGE project would have a minor impact on the Dogecoin price, leading to its retreat. That drop would mostly be from a psychological perspective since he is its most prominent promoter. However, any price drop after he leaves the Department of Government Efficiency would be temporary.

DOGE Price Technical Analysis Hints to a Rebound

The ongoing Dogecoin price crash could ultimately result into a strong rebound. One crypto analyst predicted that DOGE will jump by 250% in the long term if it holds above $0.15.

On the daily chart, the coin seems to be forming a double-bottom point at $0.1440, and whose neckline is at $0.2058. A double bottom is a popular bullish reversal sign in technical analysis.

The coin has also formed a giant falling wedge pattern. This pattern comprises two descending and converging trendlines, which have already converged. Another positive is that the Bollinger Band Trend (BBTrend) indicator has formed a bullish divergence pattern.

The fact that the Stochastic Relative Strength Index (RSI) is oversold in the daily chart also provides a signal for an upcoming rebound.

The double-bottom neckline resistance is a short-term resistance level to watch out for. A break above this level could propel the coin towards the 50% Fibonacci retracement point of the 2023 bear market at $0.2820.

The cryptocurrency slid further as the odds that Elon Musk will abandon the DOGE project this year rose on Polymarket.

Elon Musk Odds of Leaving DOGE

Polymarket traders believe that Elon Musk, the wealthiest person in the world, will abandon his position as the CEO of DeepMind this year. A poll with over $131k in assets shows that these odds have soared to a record high of 77%, up from 55% on April 1.

These odds have jumped after a Democratic judge won a seat in Wisconsin in a sharp rebuke to Musk who spent billions of dollars in the campaign. Also, the probability has jumped as he watches his Tesla stock implode. It has crashed by over 40% this year, erasing over $1 trillion in value.

The probability that he will leave the DOGE position explains why the Tesla stock price jumped by over 5% on Wednesday. Analysts believe that leaving DOGE would let him focus fully on his company.

Musk’s exit from the DOGE project would have a minor impact on the Dogecoin price, leading to its retreat. That drop would mostly be from a psychological perspective since he is its most prominent promoter. However, any price drop after he leaves the Department of Government Efficiency would be temporary.

DOGE Price Technical Analysis Hints to a Rebound

The ongoing Dogecoin price crash could ultimately result into a strong rebound. One crypto analyst predicted that DOGE will jump by 250% in the long term if