DOGE News: Dogecoin Faces Downside Correction, Eyes Recovery Above $0.3680

Dogecoin (DOGE) has recently experienced a downside correction after reaching the $0.4050 zone against the US Dollar. Currently, the cryptocurrency is consolidating, with potential for a fresh increase if it surpasses the $0.3680 resistance level. This article delves into the recent price movements, key resistance levels, and the potential for a new rally in the meme-coin market.

Dogecoin (DOGE) Dips: A Pause Before The Next Meme-Coin Rally?

Dogecoin has started a downside correction from the $0.4050 zone against the US Dollar. Currently, DOGE is consolidating and might attempt a fresh increase if it clears the $0.3680 resistance. The price started a fresh decline below $0.4050 and $0.380, trading below the $0.3750 level and the 100-hourly simple moving average. A major bearish trend line is forming with resistance at $0.3650 on the hourly chart of the DOGE/USD pair. The price could start another increase if it clears the $0.3650 and $0.3680 resistance levels. Dogecoin price dipped to a low of $0.3380 and is now consolidating.

Dogecoin Down 7% Following Vivek Ramaswamy’s D.O.G.E Exit

Vivek Ramaswamy has stepped down from his co-leader role at D.O.G.E, citing his plans to pursue a gubernatorial run in Ohio and his continued support for Donald Trump’s agenda. His departure has coincided with a 7% drop in Dogecoin's value. Ramaswamy was initially appointed to co-lead D.O.G.E alongside Elon Musk, and his exit has raised questions about the future direction of the project. National political reporter Taylor Popielarz confirmed through sources that Ramaswamy’s political ambitions necessitated his exit.

Dogecoin Momentum Weakens: RSI Signals Bearish Continuation To $0.3

Dogecoin price action has entered a critical phase as technical indicators, particularly the Relative Strength Index (RSI), point to a continuation of bearish momentum. Following a consistent downtrend, the RSI has dipped below the neutral 50% level, signaling increasing selling pressure and waning bullish interest. This shift in momentum puts the $0.3 support level in the spotlight, a crucial price floor that could determine Dogecoin’s near-term trajectory. With market conditions showing limited upside potential, traders are focusing on whether DOGE can maintain its ground at $0.3 or if the bearish momentum will push it lower. This juncture marks a decisive moment, where the interplay of technical indicators and price action will reveal the strength or fragility of Dogecoin’s market structure.