Why did the price of Dogecoin decrease today? Doge drowns 13 % with market morale – TradingView news

Memecoin Dogecoin (Doge) achieved sharp success today (Monday), with 13 % and 21 % in daily and weekly graphs, respectively. The landmark comes as market fluctuations are wider weighing on the encrypted currency sector.

The first three encrypted currencies, Bitcoin, ETHEREUM, and XRP were recorded, 3 %, 15 % and 13 %, respectively, in the daily graph. Interestingly, DOGE’s technical price analysis shows a tremendous momentum, although the price may flourish before any other landing direction.

The morale of the descending market

According to TradingView, Memecoin is currently trading less than the main important price levels, $ 0.4039 and $ 0.3157. Although the price is less than the 50 and 200 moving averages, Doge is currently being sold, with a relative strength index of 28.

Dogecoin (Dogeusd), Source: Tradingview

Depending on the market morale, DOGE can test low price levels if the current price level is not. The following support levels are $ 0.2165 and $ 0.1759. DogCoin prices problems coincide with the low -scale encryption market due to the total economic concerns in the wake of the policies of the new tariffs for Donald Trump.

The market threw more than 6 % in the capitalization, where merchants’ reaction to the latest developments was. The Meme currencies, which often suffering from increased fluctuations, were among the most difficult blow, with the leadership of Dogecoin now losses.

In addition to the Haboodi expectations, the large Doge holders emptied nearly 270 million symbols within a period of 24 hours, according to the famous encryption market analyst Ali Martinez.

Elon Musk effect

Dogecoin has long been associated with Elon Musk, which often affected its price. Its increasing role in the Trump administration adds another layer of political uncertainty, especially since the Musk team has recently managed to reach the treasury payment system.

The New York Times reported that the Ministry of Governmental efficiency, an initiative led by musk under Trump’s guidance, was granted access to the Federal payment system, according to the New York Times. The cabinet is the most important goal due to its control of payments, which raises concerns about the potential use of sensitive financial information.

While the Treasury insists that no payments have been banned, the broader impact on financial markets still must be seen. Although the last decreuin decrease has shook the investor’s confidence, the following moves are likely to rely on the wider market conditions and whether purchase of pressure revenues.

If the whales continue to sell and the technical indicators remain declining, the MIM coin may face additional aspect. However, historical patterns indicate that Doge has a tendency to apostasy after sharp corrections, leaving a possible recovery.