Dogecoin price today continues to crash, and hovers near its lowest level since November last year. This drop is mostly because of the ongoing fear among investors after Donald Trump implemented sweeping tariffs. It has also crashed as the odds that Elon Musk will abandon the DOGE project this year rose on Polymarket.
Dogecoin Price Today at Risk as Odds of Elon Musk Leaving DOGE Rise
Polymarket traders believe that Elon Musk, the wealthiest person in the world, will abandon his position this year. A poll with over $131k in assets shows that these odds have soared to a record high of 77%, up from 55% on April 1.
Elon Musk to Leave DOGE
These odds have jumped after a Democratic judge won a seat in Wisconsin in a sharp rebuke to Musk who spent billions of dollars in the campaign. Also, the probability has jumped as he watches his Tesla stock implode. It has crashed by over 40% this year, erasing over $1 trillion in value.
The probability that he will leave the DOGE position explains why the Tesla stock price jumped by over 5% on Wednesday. Analysts believe that leaving DOGE would let him focus fully on his company.
Musk’s exit from the DOGE project would have a minor impact on the Dogecoin price, leading to its retreat. That drop would mostly be from a psychological perspective since he is its most prominent promoter. However, any price drop after he leaves the Department of Government Efficiency would be temporary.
DOGE Price Technical Analysis Hints to a Rebound
The ongoing Dogecoin price crash could ultimately result into a strong rebound. One crypto analyst predicted that DOGE will jump by 250% in the long term if it holds above $0.15.
On the daily chart, the coin seems to be forming a double-bottom point at $0.1440, and whose neckline is at $0.2058. A double bottom is a popular bullish reversal sign in technical analysis.
The coin has also formed a giant falling wedge pattern. This pattern comprises two descending and converging trendlines, which have already converged. Another positive is that the Bollinger Band Trend (BBTrend) indicator has formed a bullish divergence pattern.
Dogecoin Price Chart
DOGE Price Today Targets
Therefore, the most likely scenario is where the Dogecoin price falls slightly to the double bottom at $0.1441. It will then bounce back, potentially to the 50% retracement point at $0.2820, up by 80% above the current level.
A drop below the double-bottom at $0.1441 will invalidate the bullish DOGE price forecast, and boost the odds of it falling to $0.1.
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