The recent slide in Dogecoin (DOGE) is a reminder of how quickly sentiment can change in the volatile crypto market. Once known for sharp rallies driven by social media buzz, the meme coin is now struggling to find its footing amid broad selling pressure that overshadows brief bursts of optimism.
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Despite another round of speculation linked to Elon Musk, DOGE fell below $0.09, indicating a market focused more on risk reduction than hype-driven trading.
The drop follows a temporary reaction to Musk’s comments about the month’s activity related to Dogecoin. The token initially rose by around 4%, but the move ended within hours.
By the end of the session, DOGE had erased its gains and continued to slide in the following days. Currently, Dogecoin is trading around $0.08–$0.09, marking a weekly decline of more than 20% and pushing it below several key support levels.
DOGE's price trends to the downside on the daily chart. Source: DOGEUSD on Tradingview
Dogecoin (DOGE) Selling Pressure Builds Across Market
Dogecoin’s weakness has emerged alongside broader crypto sales. Bitcoin’s collapse, currently trading below $65,000 and major support levels, has caused widespread liquidation, bringing down high-risk assets like meme coins.
The total crypto market capitalization has dropped significantly, while the Fear and Greed Index has dropped to the “extreme fear” zone, indicating heightened caution among traders.
This site limited the impact of Musk-related topics. While his past comments have often sparked protests, recent reactions have been short-lived. Other meme tokens, including Shiba Inu, have followed a similar pattern, suggesting the movement is less about DOGE-specific issues and more about overall market pressure.
Professional Standards Under Pressure
From a technical perspective, Dogecoin broke below the $0.10 and $0.0950 support levels and briefly touched a low near $0.08. The price remains below important moving averages, supporting a bearish trend.
Analysts note that resistance lies at $0.09–$0.0950, with additional barriers near $0.10 that would need to be re-searched for any meaningful recovery.
Momentum indicators continue to point down, although some oscillators are approaching oversold levels. Trading volume increased during the downturn, indicating active participation rather than small liquidity movements.
Outlook depends on Macro settings
For now, Dogecoin’s direction appears to be related to broader market conditions rather than celebrity-driven motivations. Although some long-term indicators suggest that the potential base phase may improve, short-term risks remain to the downside.
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Unless selling pressure across crypto eases, DOGE may continue to test lower support areas, and market sentiment will remain cautious in the near term.
Cover image from ChatGPT, DOGEUSD chart on Tradingview
