Dogecoin Falls 12.5% Amid Tensions Between Trump and Musk
Dogecoin DOGE declined by 12.5% in 24 hours, dropping from 19 cents to 16 cents amid market tensions linked to a public dispute between Elon Musk and Donald Trump.
- The decline reflects a risk-off sentiment in the market.
- Musk's announcement about the non-governmental Department of Government Efficiency (DOGE) ending its operations removed a speculative catalyst for DOGE.
- The clash between Musk and Trump adds uncertainty to Dogecoin’s outlook.
- Institutional investors are repositioning due to anticipated monetary policy changes.
Price Action
- Heavy selling pressure occurred from 16:00 to 20:00, with trading volumes exceeding 1 billion units.
- The $0.190 resistance level has proved challenging, with multiple recovery attempts rejected.
- Support is noted at $0.169-$0.170, with significant buying interest creating a support zone.
- Price stabilized around $0.171-$0.172, showing some accumulation patterns.
- Buying pressure was observed at specific times overnight, briefly pushing prices higher.
- A consolidation pattern is forming above crucial support, although risks remain high.