bitcoin
Bitcoin (BITCOIN)
$102,830 -0.06%
ethereum
Ethereum (ETHEREUM)
$2,336 7.35%
binancecoin
BNB (BINANCECOIN)
$643.24 3.11%
solana
Solana (SOLANA)
$173.32 7.49%
ripple
XRP (RIPPLE)
$2.34 2.24%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000015 6.17%
pepe
Pepe (PEPE)
$0.000012 11.56%
bonk
Bonk (BONK)
$0.000022 10.75%
bitcoin
Bitcoin (BITCOIN)
$102,830 -0.06%
ethereum
Ethereum (ETHEREUM)
$2,336 7.35%
binancecoin
BNB (BINANCECOIN)
$643.24 3.11%
solana
Solana (SOLANA)
$173.32 7.49%
ripple
XRP (RIPPLE)
$2.34 2.24%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000015 6.17%
pepe
Pepe (PEPE)
$0.000012 11.56%
bonk
Bonk (BONK)
$0.000022 10.75%
bitcoin
Bitcoin (BITCOIN)
$102,830 -0.06%
ethereum
Ethereum (ETHEREUM)
$2,336 7.35%
binancecoin
BNB (BINANCECOIN)
$643.24 3.11%
solana
Solana (SOLANA)
$173.32 7.49%
ripple
XRP (RIPPLE)
$2.34 2.24%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000015 6.17%
pepe
Pepe (PEPE)
$0.000012 11.56%
bonk
Bonk (BONK)
$0.000022 10.75%
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Dogecoin Price Drops 14% After Trump Tariffs Start Trade War- Can DOGE Rebound Above $0.34?

Highlights:

  • Dogecoin price plummets 14% to $0.25 following waning bullish sentiment in the market.
  • This is in response to President Trump’s imposed 25% additional tariff on imports from Canada and Mexico, according to a 1 February announcement.
  • With the meme coin token oversold, the bulls may initiate a buy-back campaign, causing the Dogecoin price to rebound above the $0.34 mark. 

The Dogecoin price has plunged 14% to $0.25 as the crypto market faces a severe downtrend. Despite the plunge, its daily trading volume has soared about 309% to $10.71 billion, indicating heightened market activity. 

Advertisement

Banner

The crypto market has slumped more than 10% overall in the past 24 hours, with leading cryptos such as Bitcoin (BTC) and Ethereum (ETH) suffering heavy losses. Bitcoin plunged 4% to trade below the psychological $100K level at $95,048 as of 10:39 UTC. On the other hand, Ethereum has plunged 15% to $2,607.

The rest of the top 10 largest cryptos all suffered 24-hour losses as well. The meme coin sector plummeted 15.3% to a market cap of $77 billion, according to CoinGecko, with Dogwifhat (WIF) the biggest loser among the top 10 meme coins, with a 23% loss.

This is in response to President Trump’s imposed 25% additional tariff on imports from Canada and Mexico, according to a February 1 announcement. He also imposed a 10% additional tariff on China imports. 

DOGE Statistical Data

Based on CoinmarketCap data:

  • DOGE price now – $0.25
  • Trading volume (24h) – $10.71 billion
  • Market cap – $37.22 billion
  • Total supply – 147.89 billion
  • Circulating supply – 147.89 billion
  • DOGE ranking – #8

Dogecoin Price Breaks Below the Descending Channel

The DOGE/USD has broken below key support zones, offering a potential buying opportunity with a favorable risk-to-reward ratio amid short-term bearish sentiment and long-term recovery prospects. Following a breakdown on 2 February, the meme coin has dwindled mercilessly like a dead weight in the air, with the bulls establishing strong support at $0.18 before a rebound to $0.25. The broader trend has remained bearish despite intermittent spikes, such as those seen in mid-Nov- mid-Jan.

The daily chart indicates the Dogecoin price is currently trading at $0.25, reflecting a bearish movement. The price has breached below the lower boundary of the descending channel, and the 200-day MA is presently being tested at $0.22, which has acted as short-term support.

The 50-day MA at $0.34 is positioned above, confirming that the bears attempt to dominate in the short term. However, the support levels at $0.21 and $0.22 remain critical, as a breakdown below these supports could accelerate the bearish trend.

Dogecoin price
DOGE/USD 1-day chart: Dextools.io

Nevertheless, if DOGE/USD manages to hold within the channel and rebound from the lower boundary, a potential recovery toward the $0.34 resistance level could occur, with further upside targeting $0.38, $0.42, and $0.48 resistance levels.

Conversely, failure to hold above the channel’s lower boundary may lead to increased selling pressure, potentially testing the $0.20 support zone before targeting the nearest support at the $0.18 level. Meanwhile, the volume remains relatively high, suggesting intense market activity, which may cause the meme coin to rebound within the channel. 

Can DOGE Rebound to the $0.34 Mark?

A quick look at the RSI Divergence Indicator, at 28, reflects an oversold territory, which may trigger a buy-back campaign. This may result in the rebound of Dogecoin, potentially reclaiming the $0.34 mark. Market participants should closely monitor price action near the $0.34 zone, as a decisive breakout could herald a continuation of Dogecoin’s broader uptrend.

Meanwhile, Coinglass data shows a spike in volume by 309% to $17.24 billion, despite a slight pullback in open interest by 30% to $2.50 billion. This indicates that existing positions are being closed out rapidly, potentially signifying a shift in market sentiment, a possible trend reversal, or profit-taking by traders previously holding long positions, leading to a potential price correction. If the bulls don’t gain momentum at this level, the Dogecoin price could retrace to $0.18 support. 

Source: Coinglass

eToro Platform

Best Crypto Exchange

  • Over 90 top cryptos to trade
  • Regulated by top-tier entities
  • User-friendly trading app
  • 30+ million users
9.9

5 Stars

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Advertisement

Banner

Advertisement

Banner

Advertisement

Banner