Dogecoin enters a long-term accumulation zone as weekly support fails, increasing downside risk toward $0.065 and $0.061 levels.
Dogecoin exchange-traded funds (ETFs) have returned to a stagnant phase after recording a day of $345,130 in inflow this week.
A new technical analysis by TradingShot suggests Dogecoin (DOGE) could reach $2 by mid-2028, despite expectations for additional downside pressure in the near term.
Dogecoin dropped more than 5% after the interview in which Elon Musk admitted he had “gone too far” in politics and in his role leading the governmental DOGE. The memecoin fell from around $0.0723 to a low of $0.0685, and is down 5% on the week with a trading volume of $690 million.
Dogecoin tests key support near $0.055 after months of selling, with a rebound supporting accumulation and a breakdown risking deeper losses.
Even though the meme cryptocurrency is still trading close to multi-month lows, Dogecoin has seen a significant increase in trading activity, with 24-hour spot volume rising by more than 123%. The increase in participation indicates that traders are becoming more active in the current support zone, even though price action is still weak.
Dogecoin [DOGE] dropped below the $0.07 support level and declined to 2023 lows of $0.068.
Dogecoin dropped 4.5% and ether 2.5%, leading a broad but shallow retreat across the majors, though most remain higher on the week ahead of next week's Fed meeting.
Dogecoin (DOGE) continues to underperform compared to most major cryptocurrencies, with its price hovering around $0.070 after failing to build meaningful bullish momentum. The popular meme coin remains close to recent local lows and trades well below key technical indicators, suggesting that sellers still dominate the market.
The Dogecoin token traded at $0.0723 after recording a cumulative loss of 29% during the course of July. A report from the firm CryptoQuant revealed that 40% of altcoins operated near their all-time lows in early July.
Musk's political retreat may stabilize Tesla and SpaceX, but his influence on crypto markets appears to be waning, impacting investor sentiment. Elon Musk says he got ‘too involved' in politics during DOGE stint, won't do it again.
Dogecoin tests decade-long support near $0.07 as a breakout above its long-term downtrend could open the way toward a 5x rally.