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The Dogecoin price climbed over 1% in the last 24 hours to trade at $0.2532 as of 03:28 a.m. EST on trading volume that plunged 6% to $1.3 billion.
This slight uptick in the DOGE price comes as the Department of Government Efficiency (DOGE) head, Elon Musk, said on X that he would ask President Donald Trump about a proposal for a “DOGE Dividend” that would give taxpayers a refund check of $5,000 funded by the savings from DOGE.
Will check with the President
— Elon Musk (@elonmusk) February 18, 2025
Dogecoin Price Analysis: Key Support Holding – Is A Rebound Coming?
The DOGE price experienced a significant parabolic rally in late 2024, with prices surging from below $0.10 to nearly $0.45. However, after reaching this peak, DOGE entered a distribution phase, where price consolidation took place before eventually breaking down.
The chart shows a clear support zone (purple box) around $0.30, which previously acted as a strong demand zone, according to GeckoTerminal data.
However, this support was broken, leading to a deeper correction towards the 200-day Simple Moving Average (SMA) at $0.2361. Currently, the Dogecoin price is hovering just above this long-term support, indicating that it could act as a key decision point for the market.
The 50-day SMA (white line) at $0.3191 is above the current price, acting as a dynamic resistance level.
The orange resistance line ($0.45) marks the previous peak, and for the price of Dogecoin to resume its bullish momentum, it would need to reclaim this level. Until then, the market remains in a corrective phase with downside pressure still in play.
Meanwhile, the Relative Strength Index (RSI) stands at 36.88, indicating that DOGE is approaching oversold conditions. If the RSI drops below 30, it would suggest extreme bearish sentiment, potentially leading to a short-term bounce.
DOGE Price Prediction
DOGE is currently in a retracement phase, testing a key support zone around the 200-day SMA. If buyers step in at this level, the Dogecoin price could see a short-term bounce toward $0.30 – $0.32, where the 50-day SMA and former support now act as resistance.
However, if the $0.2360 support fails, DOGE could decline further, with the next major support around $0.20. For a full bullish reversal, the price of DOGE must reclaim the support of the $0.30 – $0.33 range, breaking back above the previous consolidation zone.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL) that will give free Bitcoin to token holders. 99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Closing In On The $3 Million Mark
Investors are pouring into the BTC Bull Token presale at a record rate, with over $2.3 million raised in a week.
BTC Bull Token vows to help fire the Bitcoin price to beyond $1 million, while paying BTC rewards to investors at every key milestone.
If you hold BTCBULL tokens in Best Wallet, you’ll earn BTC airdrops when Bitcoin’s price reaches $150,000 and $200,000 for the first time.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
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— Best Wallet (@BestWalletHQ) February 10, 2025
Furthermore, a huge BTCBULL token airdrop also awaits the strongest hodlers when BTC hits $250,000, weighted by the Community Sale purchase amount.
Between each significant Bitcoin price milestone and subsequent BTC airdrops, there will also be BTCBULL token burns.
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Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.00237 each using BNB, ETH, USDT, or a bank card.
Buy BTCBULL here before a price hike in 21 hours to secure the best deal.
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