Dogecoin Price Pattern Signals 125% Despite Elon Musk and Trump Feud
Highlights
- Dogecoin price has formed a double-bottom pattern on the daily chart.
- This pattern points to an eventual bullish reversal to $0.3753.
- DOGE price will likely be unaffected by the ongoing Musk and Trump feud.
Dogecoin price has been flat since June, coinciding with the lack of interest among investors. It has plunged by 38% from its May highs. Despite this, technical analysis suggests that the DOGE token may rally soon as Donald Trump’s and Elon Musk’s accusations escalates.
Dogecoin Price Technical Analysis Signals a Rebound
DOGE price trades at $0.1595, giving it a market capitalization of $24 billion. Today’s retreat was accompanied by a high volume of $815 million, a 13% daily increase.
The daily chart points to an eventual Dogecoin price rebound after it formed a highly bullish chart pattern. It has formed a double-bottom pattern at $0.1445.
This pattern is characterized by two distinct support levels and a neckline, which in this case, is at $0.2596. The profit target in a double-bottom pattern is calculated by first finding its height, which, in this case, is about 44%. After this, one measures the same distance from the neckline.
In this case, measuring the same distance from the neckline gives the price target of $0.3753, which is up by 132% from the current level.
The bullish DOGE price forecast will become invalid if the token drops below the double-bottom level at $0.1445. Moving below that level will be a sign that bears have prevailed, which will push it down, potentially to the psychological point at $0.10.
DOGE to Ignore Elon Musk and Donald Trump Feud
The positive Dogecoin price outlook ignores the ongoing accusations between Donald Trump and Elon Musk. This feud, which was on ice for a while, reignited this week after Musk criticized the Big Beautiful Bill.
Musk is concerned about the end of electric vehicle incentives, which provided up to $7,500 credit to buyers. Its end will hurt Musk personally since he is the CEO of Tesla, the country’s biggest EV company.
Donald Trump criticized Musk, saying that he was aware of his dislike for the EV credits when he endorsed him. He also threatened to cut funding from SpaceX, Musk’s other company, which has billions in government contracts.
Musk has also pledged to fund Thomas Massie, a Republican whom Trump has complained about. Massie has bucked the Republican Party and failed to support its top priorities.
The Musk and Trump accusation will not have an impact on Dogecoin price because their relationship broke down in May. Also, Musk’s statements and even his appointment to lead the Department of Government Efficiency (DOGE) did not have an impact on the coin.
Summary
Dogecoin price has remained under pressure in the past few months, mirroring the performance of most coins. On the positive side, it has formed a double-bottom pattern that could trigger a strong rebound.
Frequently Asked Questions (FAQs)
1. What is the most likely Dogecoin price forecast?
2. What is the most likely DOGE price target?
3. What is this pattern’s invalidation point?
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
24 Hours volume
$2.6B
Market Cap
$29.72B
Max Supply
NA
