Despite a supportive tweet from Elon Musk, Dogecoin (DOGE) continues to struggle in the cryptocurrency market. As the popular meme-based currency faces new price challenges, analysts are keeping a close watch on key resistance and support levels that could dictate its next moves.
Dogecoin’s Ongoing Decline Amid Musk’s Support
Dogecoin (DOGE), the meme-based cryptocurrency, is again in the spotlight of the crypto world. However, even Elon Musk’s vocal support appears insufficient to halt its current price decline. Despite Musk’s recent comments expressing his affinity for Dogecoin—stating, “I love dogs and memes” while dismissing other cryptocurrencies—DOGE has declined by 6% today.
ELON MUSK: “I’m not going to be promoting crypto, at most, in a joking way. If you see me pumping crypto, it’s not me. I do think there’s merit in Bitcoin. I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.” pic.twitter.com/UodntUe0Ad
— DogeDesigner (@cb_doge) July 25, 2025
Despite Musk’s comments, Dogecoin’s price action remains concerning, particularly after dropping below 0.2320 USD and showing weakness against Bitcoin and Ethereum.
Technical Analysis and Key Support Levels
Technically, Dogecoin is confronting resistance at two critical levels: 0.2280 USD and 0.2350 USD. A downward trendline on the hourly chart indicates continued bearish pressure unless buyers can reclaim these key thresholds. The MACD indicator shows increasing strength in negative territory, while the Relative Strength Index (RSI) remains below neutral at 50. A crucial support level is set at 0.2220 USD, and if breached, DOGE might decline further toward 0.2120 USD and potentially 0.2054 USD.
Should DOGE drop below 0.2054 USD, further targets may include 0.1980 USD or 0.1947 USD, as indicated by CoinLore. Momentum indicators support this bearish outlook.
Nevertheless, there is a glimmer of hope for a rebound. If Dogecoin surpasses 0.2280 USD and maintains movement above 0.2350 USD, it may attempt to retest the 0.250 USD level. A strong close above 0.2420 USD could shift momentum in favor of bullish traders.
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