DOGEUSD has seen its post-election gains evaporate and is struggling for volume near recent lows.
DOGEUSD – Daily Chart
The price of DOGE saw a sharp rally from Trump’s election win and soared from $0.14 to almost $0.50. The price has since slumped back to the starting level, highlighting the speculative nature as it almost traced Tesla’s price action.
Memecoin DOGE, a previous favourite of Elon Musk, was not included in the tokens set for the US strategic reserve. That could dent demand for the token in the months and years ahead.
The news of tariffs on imported vehicles put a stop to a recent Tesla rally and according to the latest Coinglass, Dogecoin’s open interest has plunged by 9.47% to $1.99 billion. The data highlights that traders are closing out leveraged positions due to a lack of confidence in DOGE’s near-term recovery.
The overall volume in the token has declined by 13.82% to $4.59 billion, showing reduced trading activity and liquidity.
Crypto analyst Ali Martinez has highlighted a potential bullish run for Dogecoin based on the SuperTrend indicator. According to Martinez, the popular meme coin could enter a significant upward trend if it can break through the resistance level of $0.21.
Bitcoin has paused by $87,000 after a recent bounce and support has cooled for the broader crypto market.
Both Australia and the UK are ramping up defense spending but expecting the struggling consumer to foot the bill and the economies are struggling for growth.
