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Dogecoin Drops as Much as 12% Amid Trump-Musk Drama

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Dogecoin DOGE experienced a dramatic 12.5% decline over the past 24 hours, plunging from 19 cents to 16 cents as tensions between President Donald Trump and technology entrepreneur Elon Musk weighed down on crypto markets.

News Background

  • Dogecoin’s latest plunge comes against a backdrop of risk-off sentiment.
  • Elon Musk — long known as a Dogecoin backer — said recently that the non-governmental Department of Government Efficiency (DOGE) would cease to exist as its work was deemed complete, cutting out a speculative catalyst that has oft impacted DOGE prices.
  • Meanwhile, Musk’s public clash with former President Donald Trump over various economic and policy issues has drawn attention, adding another layer of intrigue to Dogecoin’s fortunes.
  • While Musk’s support once propelled DOGE to dizzying heights, the token now faces the test of sustaining momentum amid shifting sentiment and global trade tensions.

As institutional investors reposition ahead of anticipated monetary policy shifts, DOGE’s future hinges on its ability to reclaim key resistance levels and rebuild trader confidence amid persistent volatility.

Price-Action
The sell-off was punctuated by heavy selling pressure during the 16:00-20:00 timeframe, with trading volume spiking to over 1 billion units — nearly five times the daily average — suggesting institutional distribution rather than retail panic.

The sell-off coincides with mounting global trade disputes that have weighed heavily on risk assets, including cryptocurrencies. While some modest stabilization has emerged in the 17 cents area, the technical picture remains challenging. The $0.190 level has now become a formidable resistance zone, with price action showing only tentative signs of recovery amid persistent market caution.

Technical Analysis Recap

  • DOGE collapsed from $0.193 to $0.169, a 12.5% decline.
  • Most intense selling occurred between 16:00-20:00, with volume exceeding 1 billion units — nearly 5x the average.
  • Resistance formed at $0.190, with cascading sell orders rejecting multiple recovery attempts.
  • Support established at $0.169-$0.170, with substantial buying interest creating a high-volume support zone.
  • Price action has stabilized in the $0.171-$0.172 range, with modest accumulation patterns observed.
  • Specific buying pressure emerged at 01:23, 01:34, and 01:50, briefly pushing price toward $0.172.
  • A consolidation pattern is forming above the critical $0.169-$0.170 support zone, though risk remains elevated.

Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins

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Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), boosted its BTC reserves by buying 4,980 BTC for a total of $531.9 million last week.

This addition brings Strategy’s total bitcoin holdings to 597,235 BTC purchased for $42.4 billion, or an average price of $70,982 each. At bitcoin’s current price of about $107,500, that stack is worth more than $64 billion.

Strategy financed the purchase through $519 million of common share sales alongside about $59 million of STRK and STRF preferred stock sales.

MSTR shares are up 1.3% premarket.

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Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

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Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.

The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.

The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.

The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.

Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.

The investigation is still in progress, Europol added.

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Bitcoin-Gold Price Ratio’s 10% Surge Greenlights Bullish Flag Pattern: Technical Analysis

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This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

The ratio between the per-piece dollar price of bitcoin (BTC) and gold’s (XAU) per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.

The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.

A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.

The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.

BTC/Gold ratio and BTC/USD's daily charts. (TradingView/CoinDesk)

Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.

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