Dogecoin price has had a torrid performance in the last week, going down by 13%. However, the dog-themed meme coin returned to the upside on Thursday, gaining 2% at the time of writing to trade at $0.191. Bitcoin’s range-bound trade and Ethereum’s upsurge have constricted the limelight from meme coins in recent days. Top meme coins including PEPE, WIF, BONK, Fartcoin and FLOKI have all lost by double digits in the last seven days.
The Elon Musk Factor and Near-Term DOGE Price Outlook
The sour sentiment on Dogecoin is partly attributed to Elon Musk’s departure from Department of Government Efficiency (DOGE). Musk is seen as the single most influential individual in Dogecoin’s history, with his past tweets having triggered massive price movements. For context, DOGE price dropped by 15% within 48 hours of his departure, significantly larger than market bellwether, Bitcoin’s 3.7% drop in the same time frame.
Musk is yet to comment on Dogecoin since exiting DOGE, but there’s a good chance that a tweet or meme from him could potentially inject significant impetus into the coin’s performance. The $0.190 support is significant for Dogecoin’s upward traction and raises the prospect of reclaiming the Volume Weighted Moving Average (VWMA) level, which is currently at 0.219%. Conversely, braking below $0.190 raises the prospect of an extended downside in the near-term.
Dogecoin Price Prediction
Dogecoin price pivots at $0.189 and action above that level favours the upside to continue. The coin will likely meet initial resistance at $0.191. However, an extended control by the buyers will break above that level and could extend gains to test $0.193.
Conversely, action below $0.189 will signal bearish control. That will likely see the first support established at $0.187. Breaking below that level will invalidate the upside narrative. In addition, an extended control by the sellers could trigger further declines and potentially test the second support at $0.186.
