Dogecoin Price Outlook: Bullish Rebound Possible Despite Musk-Trump Feud
Dogecoin (DOGE) has formed a large double-bottom pattern on its daily chart, signaling a potential bullish reversal—even as tensions rise between Elon Musk and Donald Trump.
Key Points:
- A double-bottom chart pattern has emerged, indicating a possible rally to $0.3753.
- Despite a 38% decline from May highs and muted investor interest since June, technical indicators point to a strong recovery.
- The ongoing feud between Musk and Trump is unlikely to impact DOGE’s price action.
Dogecoin is currently trading around $0.1595 with a market cap of $24 billion. The recent dip came with increased trading volume, up 13% to $815 million. The double-bottom formation, established at a support level of $0.1445 with a neckline at $0.2596, suggests a projected gain of about 132%—potentially pushing the price to $0.3753.
However, if DOGE breaks below the $0.1445 support, the bullish outlook would be invalidated, possibly leading to a drop toward the psychological $0.10 level.
Musk-Trump Tensions Unlikely to Affect DOGE
The political spat between Musk and Trump, which reignited after Musk criticized the removal of EV tax credits, has not impacted DOGE. Trump responded by threatening to pull federal funding from Musk’s companies, including SpaceX. Despite their deteriorated relationship and past ties, Dogecoin’s price seems unaffected by the drama.
Musk’s support for Rep. Thomas Massie—a figure Trump has publicly opposed—has added fuel to their conflict. Nonetheless, Musk’s political moves and his former proposal for the Department of Government Efficiency (DOGE) have shown little to no effect on Dogecoin’s price behavior.
Conclusion:
Despite recent bearish trends, Dogecoin may be poised for a strong rebound based on technical analysis, with little influence expected from the Musk-Trump fallout.
