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The Dogecoin price tumbled 2% in the last 24 hours to trade at $0.1835 as of 4:22 a.m. EST, with trading volume dropping 2% to $1.06 billion.
The DOGE price drop followed a blow to bullish sentiment after Elon Musk publicly shut down speculation that the meme coin would play a role in the US Department of Government Efficiency (D.O.G.E).
“There are no plans for the government to use dogecoin or anything,” Musk clarified during a speech at the America PAC town hall in Green Bay, Wisconsin.
🚨 ELON MUSK: "There are no plans for the government to use dogecoin or anything.
I was going to call it Government Efficiency Commission but that's a super boring name. Then the internet said it needs to be Department of Government Efficiency. I was like Internet is right." pic.twitter.com/5BLBQeN7dL
— DogeDesigner (@cb_doge) March 31, 2025
Dogecoin Price Heading Towards A Breakout
According to the DOGE/USDT chart analysis, the DOGE price has been on a sustained downtrend, recording lower highs and lower lows within a well-defined falling wedge pattern.
The Dogecoin price has been following an ABCD trend and seems to be on the verge of a breakout after touching point D on the wedge, according to GeckoTerminal data.
DOGE now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which followed the sustained downtrend in the last few months.
Moreover, the 200-day SMA is above the 50-day SMA, forming a death cross around $0.2466, which triggered more downward pressure.
Meanwhile, the Relative Strength Index (RSI) is trading down towards the 30 oversold level, currently at 38, showing that DOGE is currently under intense selling pressure.
The bullish sentiment can also be in play, as the Moving Average Convergence Divergence (MACD) blue line has already crossed above the orange signal line, forming a bullish crossover.
The green bars on the histogram are also elevated above the zero line, further showing that the price of DOGE is currently under positive momentum.
DOGE Price Prediction
The Dogecoin price analysis on the 1-day timeframe suggests that DOGE is moving towards a breakout. If the bulls gain momentum, the DOGE price could soar towards the 200-day SMA resistance at $0.2545.
Further upward pressure could drive the price of Dogecoin towards the long-term target of around $0.40.
Conversely, if DOGE experiences intense selling pressure, the $0.1241 mark acts as a cushion against downward pressure.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says might soar 10x after launch.
Solaxy Presale Closing On The $29 Million Mark
Solaxy is the first Layer 2 meme coin built to enhance Solana’s scalability, tackle network congestion, and slash transaction costs.
By optimizing Solana’s infrastructure, Solaxy isn’t just another project, it’s shaping the future of Solana-based crypto launches.
However, its ambitions don’t stop there. Built with cross-chain technology, Solaxy merges the best of Solana and Ethereum. Therefore, SOLX creates a powerful asset that stands out from traditional meme coins.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer 1 capabilities.
Over $28.6 million has already poured into the SOLX presale, signaling strong market demand at this early stage. Solaxy also offers holders who stake the project’s SOLX token a huge annual yield of 143%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00168 each using BNB, ETH, USDT, or a bank card.
Anyone looking to buy will want to act fast because the meme coin’s price will increase in less than 32 hours.
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