Dogecoin (DOGE) Price Chart Not Looking Good Amid 14% Drop: Here’s What’s Next

February 18, 2025

Yesterday, news broke out that there will be weekly livestreams featuring Elon Musk and Vivek Ramaswamy, where they discuss recent developments in the Department of Energy (D.O.G.E.). Of course, almost immediately, tokens on both Ethereum and Solana's ecosystem were created with the same name. We will be focusing mostly on the one on Ethereum since in this ecosystem there are more PolitFi traders who can drive the price up. Is Dogecast the Next Big Meme Coin? Current market cap of Dogecast on this network is around $7 million and this could potentially go much higher, especially when Elon starts tweeting about it. He actually already confirmed 2 days ago that there will be weekly updates about DOGE. However, he still needs to use the actual word "Dogecast" and this could go bananas. https://twitter.com/DogecastETH/status/1857685094166667413 A lot will also depend on how frequently Elon discusses this topic and when the podcast actually launches. According to reports, it's starting "soon," and once the official date is announced, it could potentially benefit the price as traders will have a specific date to focus on. This kind of concrete timeline often creates anticipation in the market. Of course, note that this is a new meme coin that relies mostly only on a narrative that could be hot in the upcoming days but it also depends on their CTO and team. If they decide to rug pull, it can easily go to 0. However, if they don't do that and narrative stays hot, we are potentially looking at $50 million market cap or even $100+. Remains to be seen in any case.

Dogecoin has recently experienced some price movement that suggests more downward pressure may be on the horizon, despite already falling 14% from recent highs. A technical analysis of the DOGE/USDT daily chart reveals several concerning signals for the popular meme cryptocurrency.

Dogecoin attempted to push through the $0.28 resistance level but failed to maintain momentum. This rejection has resulted in a substantial decline of approximately 14%, demonstrating that sellers currently dominate the market.

The inability to sustain prices above this threshold indicates a fundamental weakness in buying pressure. Without stronger bullish sentiment, DOGE may struggle to regain upward momentum in the near term.

What you'll learn 👉

Bollinger Bands Point to Increasing Bearish Pressure

The price action is currently drifting toward the lower Bollinger Band, which typically signals heightened selling pressure in the market. Additionally, the widening of these bands suggests volatility is increasing – often a precursor to continued price movement in the prevailing direction.

With DOGE trading near the lower band, bearish signals are strengthening, pointing to potential further decline or consolidation at lower price points.

MACD Confirms Dogecoin Bearish Sentiment

Technical traders watching the MACD indicator will note it firmly sits in bearish territory. The signal line (orange) has crossed below the MACD line (blue), while the histogram remains negative.

These factors collectively reinforce the current downward momentum. Without any visible signs of reversal in this indicator, the downtrend appears likely to continue in the short term.

Support Levels to Watch for DOGE Meme Coin

The descending trendline visible on the chart acts as formidable resistance, effectively keeping Dogecoin’s price trapped in a downward channel. Currently, DOGE is testing a crucial support zone around $0.24, which represents a critical juncture for the cryptocurrency.

Should this support level fail to hold, traders can expect further drops toward $0.20 and potentially as low as $0.15, based on historical support levels.

What’s Next for Dogecoin?

Dogecoin finds itself firmly in a short-term bearish trend, with multiple technical indicators signaling continued weakness. The recent rejection at $0.28 followed by the substantial 14% decline serves as confirmation that sellers maintain control of the market. If the current support at $0.24 breaks down, DOGE could experience additional declines toward $0.20 or potentially lower levels.

Read Also: Why Is Solana (SOL) Price Dropping?

For DOGE to reverse this bearish trend, it would need to decisively break above the descending trendline that has been capping its price movement, and successfully establish support above the $0.28 level. Until these conditions are met, caution remains the watchword for Dogecoin investors.

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