Dogecoin price today continues to crash, hovering near its lowest level since November last year, largely due to ongoing investor fear stemming from Donald Trump’s sweeping tariffs. Additionally, the odds of Elon Musk abandoning the DOGE project this year have risen on Polymarket, contributing to the drop in price. Traders on Polymarket believe that Musk, the wealthiest person in the world, will leave his position, with odds reaching a record high of 77% from 55% on April 1. This increase is attributed to Musk’s recent setbacks, including a Democratic judge winning a seat in Wisconsin and Tesla’s stock plunging by over 40% this year.
The probability of Musk leaving the DOGE project has prompted speculation that his departure could lead to a minor impact on Dogecoin’s price, causing a temporary retreat as he is considered the coin’s biggest promoter. However, analysts believe that Musk’s exit would allow him to focus more fully on Tesla, potentially boosting the company’s stock price. Despite the expected price drop following Musk’s departure, it is predicted to be short-lived from a psychological perspective. Technical analysis of the DOGE price suggests a potential rebound, with one analyst predicting a 250% jump in the long term if the coin holds above $0.15.
The daily chart indicates a double-bottom formation at $0.1440, with a neckline at $0.2058, signaling a bullish reversal sign in technical analysis. Additionally, a giant falling wedge pattern has formed, comprised of two descending and converging trendlines that have already converged. The Bollinger Band Trend indicator has also shown a bullish divergence pattern, further supporting the possibility of a strong rebound in the Dogecoin price. The most likely scenario is for the price to fall slightly to the double bottom at $0.1441 before bouncing back to the 50% retracement point at $0.2820, representing an 80% increase from the current level.
In conclusion, the Dogecoin price today is facing downward pressure due to various factors, including investor fear and speculation surrounding Elon Musk’s potential departure from the DOGE project. However, technical analysis suggests that a strong rebound could be on the horizon, with indicators pointing towards a bullish reversal in the long term. Traders and investors should closely monitor key support and resistance levels to gauge the potential direction of the price movement in the coming months.
