Dogecoin Price Prediction: Is the Hype Over or Will DOGE Bounce Back?

The crypto market is experiencing a major selloff, with Bitcoin crashing below $100K, dragging altcoins down with it. Dogecoin (DOGE) has been hit hard, losing over 15% in the past seven days. The meme coin just slipped below the critical $0.30 support, reaching $0.29. While there’s a chance this could be a fakeout before a quick rebound, current market trends suggest more downside.

Dogecoin Price Drops Below $0.30 – A Fakeout or Start of a Bigger Crash?

Dogecoin’s price action is raising concerns among traders. Historically, DOGE has shown strong rebounds after breaking key support levels, but the current market environment is different. With Bitcoin struggling and the overall crypto market in a downtrend, DOGE could continue its descent.

DOGE/USDT 1-day chart - Bitget

A key question remains: is this breach below $0.30 a temporary shakeout, or is it signaling a deeper decline? If DOGE fails to reclaim $0.30 soon, lower targets like $0.28 and $0.25 come into play, with $0.20 as a worst-case scenario in the medium term.

Is Elon Musk’s Influence on DOGE Fading?

For years, Dogecoin’s price was heavily influenced by Elon Musk’s tweets. Even indirect references—such as mentioning "DOGE" in unrelated contexts—used to send prices soaring. However, that no longer seems to be the case.

Now, DOGE's price mainly moves in line with the broader crypto market or when Musk directly tweets about the coin itself. References to "DOGE" as the Department of Government Efficiency no longer have the same effect. This shift suggests that Dogecoin may be relying more on general market trends rather than Musk’s influence alone.

Dogecoin Price Prediction: What’s Next?

If the crypto downtrend continues, Dogecoin’s next key support levels are at:
✅ $0.28 – A minor support level that could temporarily slow the decline.
✅ $0.25 – A psychological level that could attract buyers.
✅ $0.20 – A deeper correction zone in case of further market weakness.

DOGE/USDT 1-day chart - Bitget

On the flip side, if the break below $0.30 was just a fakeout, DOGE could recover quickly. In that case, upside targets include:
🚀 $0.35 – A strong resistance area.
🚀 $0.40-$0.45 – A potential bullish rally if the market reverses.