Dogecoin Tanks 12% as Musk-Trump Twitter War Spooks Traders

Memecoin darling Dogecoin got caught in the crossfire of billionaire egos this week as Elon Musk and Donald Trump reignited their feud on X (formerly Twitter). The crypto slid to $0.18 amid panic selling—proving once again that in crypto, the only thing more volatile than prices are billionaire moods.

Technical indicators now show DOGE breaking below its 50-day moving average. 'When the so-called 'Dogefather' starts throwing shade, the market listens,' quipped one trader while liquidating his position. Never mind that both Musk and Trump have flip-flopped on crypto more times than a short-term trader.

Meanwhile, institutional investors are quietly accumulating—because nothing says 'contrarian play' like buying when Elon-induced FUD hits peak hysteria. The real winner? As always, the exchanges collecting fees from both sides of the panic.

Check Dogecoin Price Technicals

The Bollinger Bands (BB) in the 4H time frame has displayed increased volatility as the bands are widening. Notably, the Doge price chart recently touched the lower band near $0.17, suggesting increased selling pressure. The price has since rebounded and is approaching the midline.

With the Doge memecoin heading toward its neutral zone, the price increase above this level might indicate that the market is heading towards growth.

Amid the rising volume, there has been a large drop in DOGE price. This highlights that investors are dumping their holdings of Dogecoin in a huge quantity. Increased volume highlights an increase in volatility, and decreases in the levels suggest weak bullish sentiment.

The Relative Strength Index (RSI) indicator fell into an oversold zone during the past week. Notably, it is currently valued at 39.75 and shows a rising trend pattern. This indicates improving market conditions in the four-hour time frame with a high possibility of a price reversal.

What’s Next for DOGE Price?

The dogecoin price could retest its immediate resistance level of $0.183 if the bullish sentiment increases. If the momentum stays intact at that point in time, it could head toward its upper resistance levels of $0.200 and $0.217 in the upcoming time.

However, a rejection around $0.183 could pull back the value of this memecoin toward its crucial support of $0.165 this month.

Also Read: Ethereum Traders Lose $310M in 48 Hours, Will ETH price Crash?