Exclusive: Dogecoin at a Crossroads Will it see a new rise?
Musk’s Sudden Exit
Elon Musk, often referred to as the "Dogefather," recently stepped down from his governmental role. His public clash with former President Trump over a financial policy added further turbulence to the crypto market. In the days following their dispute, Dogecoin dropped approximately 12%, including a sharp 6% decline in just 24 hours, stabilizing near $0.18.
Stimulus Rumor Spreads
The crypto community buzzed with speculation about a possible $5,000 Dogecoin check tied to a rumored stimulus package. However, no official plan or confirmation has emerged, and most signs suggest the rumor lacks credible backing. The timing, close to Musk’s exit, led many to dismiss it as unfounded hype.
Technical Pattern Builds
Dogecoin has been holding a rising support line that has lasted over 600 days. Historically, following a five-month correction, DOGE tends to enter a three-month rally phase. If this pattern continues, June and July could bring price increases potentially reaching $0.35. A breakout above the descending channel—intact since late 2024—could further boost momentum above $0.30.
Market Conditions Now
DOGE is currently trading around $0.181, reflecting a modest loss over the past 24 hours and a larger decline over the week. Trading volume has nearly halved, showing decreased market engagement. Despite this, late May saw renewed institutional interest with large transfers into major exchanges and price tests near the $0.20 mark.
Possible Future Paths
Bullish scenario: If DOGE maintains support above $0.17–$0.18 and successfully breaks resistance between $0.20–$0.22, a sharp rise to $0.30 or even $0.35 may occur later this summer.
Bearish scenario: If support fails, DOGE may remain in a sideways or slightly bearish trend, consolidating below $0.20 for an extended period.
Final Thoughts Shared
Dogecoin stands at a crucial turning point. On one hand, fundamental uncertainty—marked by Musk’s departure and false stimulus chatter—has weighed down market confidence. On the other, long-standing technical trends offer hope for a strong rebound. The coming weeks may determine whether DOGE reclaims upward momentum or continues drifting quietly.