Dogecoin (DOGE) is currently testing a crucial support level as it hovers near $0.17551, barely above the intersection of its February trendline and the 78.6% Fibonacci retracement of its 2024 rally. The meme cryptocurrency has been trading within a six-month descending channel, with a recent 11% drop breaching the midline at $0.18. This development has raised concerns among traders and investors, as DOGE faces mounting pressure and the potential for a decisive breakdown. The outcome of this test could determine the short-term trajectory of the cryptocurrency, making it a critical moment for DOGE holders and market watchers alike.
Dogecoin Nears Critical Support Level Amid Market Downturn
Dogecoin's price teeters on the edge of a decisive breakdown as it tests a pivotal confluence of technical levels. The meme cryptocurrency closed at $0.17551, barely above the intersection of its February trendline and the 78.6% Fibonacci retracement of its 2024 rally.
A six-month descending channel now governs DOGE's price action, with Thursday's 11% drop breaching the midline at $0.18. The coin faces mounting pressure as it retests a multi-month trendline coinciding with the $0.167 Fibonacci level—a breakdown here could trigger cascading liquidations with no substantial support until May 2021's historical trendline.
Market structure suggests persistent bearish control until DOGE reclaims $0.18 decisively. The recent rejection at the channel's upper boundary NEAR $0.2540 reinforces this technical narrative, with the May 8 breakout attempt now fading into a potential bull trap.
Dogecoin Price Faces 66% Drop to $0.06 Amid Trump-Musk Feud, Analysts Warn
Dogecoin's price is under significant pressure as the public feud between Elon Musk and Donald TRUMP escalates. The cryptocurrency has already dropped 7% in the past 24 hours, with a 14% decline over the week and a 28% slump in the last three weeks. Analysts warn of a potential 66% crash to $0.06 if bearish momentum continues.
The conflict intensified on June 5 after Musk's departure from the Department of Government Efficiency sparked a heated exchange. Trump threatened to revoke Musk's government subsidies, prompting a retaliatory response on X (formerly Twitter). Musk accused Trump of needing his support for the 2024 election and criticized recent spending bills as "Big Ugly."
Market volatility has been exacerbated by Musk's outsized influence on Dogecoin's price action. Historically, his social media endorsements and Tesla's crypto integrations have driven DOGE's rallies. The current political spat removes this bullish catalyst while adding macroeconomic uncertainty.
Goldman Sachs Cuts Tesla Price Target Amid Market Volatility
Tesla's stock faces renewed scrutiny as Goldman Sachs slashes its price target following a turbulent period marked by CEO Elon Musk's political entanglements. The electric vehicle maker's shares briefly stabilized above $300, but analysts warn of persistent overvaluation risks.
The bank's revised outlook comes as Tesla's market capitalization fluctuates wildly—gaining momentum after Musk's departure from a Trump-affiliated crypto initiative, then shedding $152 billion when he criticized the former president. Market observers remain divided between bullish tech enthusiasts and correction-predicting traditionalists.
Trump-Elon Feud Triggers Crypto and Stock Market Turmoil
A public clash between former President Donald Trump and Tesla CEO Elon Musk has sent shockwaves through financial markets, particularly impacting crypto assets and equities tied to their respective empires. The confrontation erupted after a White House tax proposal threatened to cut EV subsidies for Tesla, prompting Musk's retaliation and Trump's refusal to back down.
Dogecoin, frequently endorsed by Musk, plummeted 10% amid the selloff. Destiny Tech100 Inc., a retail-focused fund linked to SpaceX, tumbled 13%. Leveraged positions across Musk's business ventures collapsed by 25%, while Trump Media & Technology Group also suffered losses. The panic-driven selloff extended to any asset perceived as connected to either figure.
Market analysts noted the disproportionate impact on speculative assets compared to traditional indexes. The S&P 500 gained 1.5% during the same period, and the FANG index (excluding Tesla) hit record highs. Treasury yields ROSE sharply following strong jobs data, further diverting capital from riskier investments.
Musk Exits DOGE, Clashes With Trump—Dogecoin Gets Caught In The Crossfire
Dogecoin prices plummeted this week as Elon Musk's public feud with former President Donald Trump escalated. The meme cryptocurrency, often buoyed by Musk's endorsements, faced sharp declines amid the billionaire's abrupt departure from the Department of Government Efficiency (DOGE) and subsequent war of words with Trump.
The conflict ignited when Musk criticized a Trump-backed spending bill, prompting the former president to express public disappointment. Musk retaliated by questioning Trump's electoral viability without his support, leading to threats of canceled SpaceX contracts and Musk's defiant response. Market reactions were immediate, with Doge traders absorbing heavy losses as political drama overshadowed speculative momentum.
Dogecoin Price Prediction: DOGE Holds Key Support Amid Musk-Trump Feud
Dogecoin's price stability hangs in the balance as a public spat between Elon Musk and former President Donald Trump drains market optimism. The meme coin dipped 10% to $0.17 amid heightened trading volume, with 24-hour turnover reaching $1.63 billion.
The clash began when Musk criticized Trump's fiscal policies on social media, triggering a chain reaction of regulatory concerns. Dogecoin's market dominance now stands at 0.83%, its lowest level in two months, as investors shift away from risk assets.
Market participants are watching key support levels closely. The feud's escalation has particularly impacted meme coins, with Dogecoin serving as a bellwether for the sector's sentiment.
