During his swearing-in ceremony as President of the United States of America, Donald Trump failed to mention cryptocurrencies in his speech. This also led to a major overnight correction in the cryptocurrency market, with Bitcoin price retesting the $102K level.
Moreover, the memecoin sector recorded the highest correction with Trump meme coins collapsing by more than 30%. The price of Dogecoin, the largest memcoin, faced a similar fate by breaking its important support trend line.
DOGE price records an increase in downward movement!
Dogecoin price showed a southward trend for the fourth day in a row, highlighting the growing negative impact. Notably, the 77th largest cryptocurrency symbol lost nearly 9% within 24 hours with a drop of more than 23% in its trading volume during the day.
The Moving Average Convergence Divergence (MACD) is recording a continuous decline in the green chart. Moreover, the averages are about to experience a bearish crossover on the daily time frame. This indicates an increase in the negative impact of the largest memecoin.
Moreover, the SMA indicator is displaying a similar price action, witnessing a bearish convergence in the Dogecoin price chart. This highlights that the DOGE meme coin may be losing momentum this week.
Will DOGE Memecoin price reach $0.50 this month?
Suppose there is an uptrend reversal, under such a situation, Doge coin price will retest its resistance level of $0.385. If investor participation intensifies at this point, it could push the price towards the upper resistance level at $0.440.
Conversely, if the bears continue to gain momentum, DOGE will retest its important support level of $0.325. Moreover, if the negative sentiment intensifies, it could lead to a decline towards the lower support level of $0.265.
Are you wondering if the price of DOGE coin will reach $1 in 2025? Read Dogecoin price predictions from CoinPedia to reveal the potential long-term action!
Frequently asked questions
As bullish sentiment and adoption increase, the DOGE memecoin could reach a maximum trading value of $3 by 2030.
Amid increased adoption and crypto-friendly policies, DOGE could reach the $1 mark this year.
Looking ahead to 2029, Dogecoin could be worth between $1.59 and $2.63.
