In recent years, Elon Musk played a significant role in the rise of Dogecoin (DOGE) price, but his recent actions may have had a reverse impact. After Musk’s appointment to head the Department of Efficient Government (DOGE) by Donald Trump, attention to this meme coin decreased, and investors began to exit the market. Musk was a key factor in the late 2024 growth of Dogecoin price. Sentiment platform data shows that Dogecoin-related searches peaked on November 12, 2024, and at the same time, its price increased. However, this trend has now changed, and Dogecoin’s price has faced a decline. Besides the decrease in attention to Dogecoin, the recent surge of meme coins on the Solana launchpad led investors to seek quicker profits, reducing liquidity in the Dogecoin market. The number of daily active addresses of this cryptocurrency has also reached its lowest level, indicating a decrease in market participation. This could lead to price movement in a fixed range or even the start of a bear market. Currently, Dogecoin’s price has slightly recovered from the recent downward pressure, reaching $0.21 in the past 24 hours. Technical indicators also suggest a potential price growth. However, this digital currency still remains below its 50 and 200-day moving averages, which act as key resistances. The Relative Strength Index (RSI) stands at a level of 29, indicating entry into the oversold saturation range and the possibility of price reversal. If the downward trend weakens and the price stabilizes above the 200-day average, the next important resistances are at $0.37 and $0.48 levels. In case of further growth, long-term targets are at $0.706 and $1.30 levels. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and instantaneously.
