Dogecoin (DOGE), the leading memecoin, has dropped 8% in the past 24 hours, slipping to $0.15 and signaling potential trouble for short-term holders. Eventually, this bearish emergency occurred after Dogecoin almost reached a major resistance level at $0.20. The  sudden decline comes as overall market sentiment weakens, particularly in the

• Dogecoin plunges 8% amid bearish RSI, MACD, and Musk-Trump tension.
• DOGE nears $0.14 support as the market rotates out of memecoins.

Dogecoin (DOGE), the leading memecoin, has dropped 8% in the past 24 hours, slipping to $0.15 and signaling potential trouble for short-term holders. Eventually, this bearish emergency occurred after Dogecoin almost reached a major resistance level at $0.20. The  sudden decline comes as overall market sentiment weakens, particularly in the memecoin space — but it’s also being fueled by broader political and cultural noise.

Notably, Tesla CEO and Dogecoin’s inspired Elon Musk is once again dominating headlines, this time due to a public spat with the U.S. President Donald Trump. The feud, which erupted over disagreements tied to U.S. policy, media manipulation, and crypto regulation, has sparked polarizing reactions across social media platforms, where much of Dogecoin’s speculative momentum is generated.

Historically, Musk’s tweets and public appearances have moved DOGE prices — often triggering sharp rallies or corrections depending on tone. While this latest clash is not directly related to cryptocurrency, the public narrative surrounding Musk’s credibility and influence may be weighing on memecoin psychology, especially at a time when DOGE lacks fresh technical or ecosystem catalysts.

RSI and MACD Show Bearish Signals as DOGE Targets Lower Support

Technically, the indicators tell a clear story: Dogecoin is at risk of further downside. The Relative Strength Index (RSI) has dropped below the neutral 50 line, settling near 38, which signals building bearish pressure. If the RSI dips below 30 , DOGE has already entered oversold territory — potentially triggering a relief bounce, but more likely confirming the bearish drift.

The MACD (Moving Average Convergence Divergence) has formed a bearish crossover, where the MACD line now trends below the signal line. This is a common precursor to short-term declines, especially when not accompanied by a spike in buying volume.

In addition, Dogecoin has fallen below its 50-day Simple Moving Average (SMA) — a level it had previously used as support during April’s consolidation phase. If the current downtrend persists, DOGE may revisit the $0.14 mark soon, with $0.12 being the next critical support — an area that served as a demand zone earlier in Q1 2024.

Volume data also reflects a lack of confidence. The On-Balance Volume (OBV) metric is flattening, showing that even as prices dip, no meaningful accumulation is occurring. This indicates that bulls are hesitant to re-enter until more favorable conditions or stronger narratives emerge.

Musk’s Influence Faces New Tests as Market Shifts Away from Memecoins

While Dogecoin’s price action is primarily technical at the moment, the external influence of Elon Musk cannot be ignored. His endorsement of DOGE — once powerful enough to trigger 100%+ rallies — appears to have weakened amid increasing political distractions. Musk’s high-profile row with Donald Trump has split public opinion and may be diluting his once-unquestioned impact on crypto markets.

At the same time, traders are shifting capital into new narratives like AI tokens and RWA protocols, leaving memecoins with fewer bullish catalysts. With no imminent Dogecoin upgrades, and no new Musk-driven endorsements on the horizon, the memecoin’s prospects in the near term remain fragile.

Still, DOGE retains a passionate community base and has historically rebounded from double-digit losses. But to regain bullish momentum, Dogecoin needs to reclaim the $0.17 resistance zone and show a volume-backed recovery. Until then, downside risk remains in play, especially if macro trends and social sentiment continue to falter.

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