Dogecoin Price Prediction: DOGE bulls defend lifeline support as risk-off sentiment continues

Source Fxstreet
  • Dogecoin price stays below three major daily moving averages after Elon Musk severed perceived ties to D.O.G.E., the agency.
  • Uncertainty in global markets over Trump’s tariff war heightens risk-off sentiment.
  • DOGE derivatives’ long liquidations hit $3.3 million on Tuesday compared to $2.9 million in short liquidations.
  • The RSI’s rebound above 40 points to a potential falling wedge pattern breakout targeting $0.25.

Dogecoin (DOGE) trades at $0.1731 during early American hours on Tuesday after recovering from Monday’s support at $0.16. The leading meme coin faced negative headwinds early in the week as investors reacted to comments by Tesla CEO Elon Musk, who heads the special Department of Government Efficiency (D.O.G.E.) in the US. 

Across global markets, traders are bracing for US President Donald Trump’s Liberation Day on Wednesday. A spike in Gold prices to new all-time highs on Tuesday implied that investors prefer the yellow metal as a hedge against the impending global tariff war and economic uncertainty.

The US government has no plans to use Dogecoin – Elon Musk

Dogecoin shot to fresh limelight with the introduction of Musk-led US agency D.O.G.E in January, triggering speculations within the community and the crypto industry that the token could be adopted as an official government cryptocurrency. Musk’s close association with the memecoin further fueled this sentiment. However, the billionaire helping the federal government to cut spending and bridge the deficit gap made it clear that the similarity between the two names was nothing but a coincidence.
“There are no plans for the government to use Dogecoin or anything as far as I know,” Musk said during a town hall meeting in Green Bay, Wisconsin, on Sunday.
“They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient,” Musk added.
In his explanation, Musk reckoned that the name D.O.G.E was chosen after an online survey. “I was going to call it the Government Efficiency Commission, but that’s a super boring name,” he said.

Doge price action signals market indecision 

Dogecoin price has been downtrend since Wednesday, March 26, when it was $0.20. This trend was fueled by risk-off sentiments ahead of Trump’s “Liberation Day” tariffs across the crypto market. The down leg extended to $0.16 as investors reacted to Elon Musk’s comments on Monday.
A spike in long liquidations per Coinanalyze data to $3.3 million in the last 24 hours suggests that bears have the upper hand.

Dogecoin liquidations chart 

The token’s position below the three daily Exponential Moving Averages (EMA), including the 50-day, 100-day and 200-day, shows potential for a spike in sell-side pressure. Traders could anticipate resistance at $0.20, where the Dogecoin price was rejected on Wednesday.

DOGE/USDT daily price chart 

If bulls hold steady following the rebound from support, DOGE may validate a breakout beyond $0.2. The Relative Strength Index (RSI) sloping higher at 42 shows signs of easing bearish momentum, leading to a continuing recovery and increasing buy-side pressure.

The falling wedge pattern on the daily chart is worth watching in the short term. A confirmed breakout above the upper trend line may invalidate the bearish outlook to support at $0.16 and the November 3 anchor at $0.14. Above $0.2, Dogecoin bulls are likely to target $0.25, an area that flipped into resistance in February.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst SaysIn a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Author  NewsBTC
Apr 23, Wed
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
placeholder
Ripple’s $21 Trillion Dream: What Capturing 20% Of SWIFT Volume Means For XRPRipple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
Author  NewsBTC
Jul 14, Mon
Ripple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
placeholder
OpenAI Reportedly Exploring Share Sale at $500 Billion ValuationOpenAI is reportedly in preliminary discussions to launch a secondary share sale that would value the artificial intelligence firm at $500 billion, Bloomberg reported on Wednesday, citing sources familiar with the matter.
Author  Mitrade
Aug 06, Wed
OpenAI is reportedly in preliminary discussions to launch a secondary share sale that would value the artificial intelligence firm at $500 billion, Bloomberg reported on Wednesday, citing sources familiar with the matter.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
Aug 19, Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
ANZ Raises Gold Price Forecast to $3,800/Oz, Predicts Rally to Continue Through 2026Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.
Author  Mitrade
Sept 10, Wed
Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.
Related Instrument
goTop
quote