Dogecoin price has risen by more than 1% in the past 24 hours, trading at $0.2532 as of 03:28 EST, while trading volume has fallen by 6% to $1.3 billion. The slight increase came after Elon Musk, head of the Department of Government Efficiency (DOGE), said on the X platform that he would ask President Trump about a proposal for a "DOGE Dividend" to send $5,000 refund checks to taxpayers using DOGE savings.
Will check with the President
— Elon Musk (@elonmusk) February 18, 2025
Dogecoin Price Analysis: Key Support Holds – Rally Imminent?
DOGE experienced a significant parabolic rise in price at the end of 2024, with prices surging from below $0.10 to nearly $0.45. However, after reaching this high, DOGE entered a distribution phase, with prices consolidating and eventually falling back. The chart shows that the area around $0.30 (purple box) is a clear support area, which was a strong demand area according to GeckoTerminal data.
However, this support was breached, leading to a further correction towards the 200-day Simple Moving Average (SMA) at $0.2361. Currently, the Dogecoin price is just above this long-term support, indicating that this could become a key decision point in the market. The 50-day SMA (white line) at $0.3191 is above the current price, forming a dynamic resistance level. The orange resistance line ($0.45) marks the previous high, and for Dogecoin's bullish momentum to resume, the price needs to recapture this level. Until then, the market remains in a correction phase and downward pressure remains.
Meanwhile, the relative strength index (RSI) is at 36.88, suggesting that DOGE is approaching oversold conditions. If the RSI drops below 30, it would suggest extreme bearish sentiment that could result in a short-term rally.
DOGE Price Prediction
DOGE is currently in a correction phase and is testing a critical support zone near the 200-day SMA. If buyers step in at this level, the DOGE price could rebound to between $0.30 and $0.32 in the short term, where the 50-day SMA and previous support now act as resistance. However, if the $0.2360 support fails, DOGE could fall further with the next major support at $0.20. For a full-blown bullish reversal to occur, the DOGE price must recapture the $0.30 to $0.33 range support and break out of the previous consolidation zone.
Meanwhile, investors are piling into a new Bitcoin-themed emoji coin, BTC Bull Token (BTCBULL), which will provide holders with free Bitcoin. 99Bitcoins, a well-known YouTube channel with more than 725,000 subscribers, said BTCBULL has the potential to surge 10 times after its launch.
BTC Bull Token pre-sale is about to break the $3 million mark
Investors poured into the BTC Bull Token presale at a record pace, raising over $2.3 million in just one week. BTC Bull Token promises to help Bitcoin break $1 million and pay investors BTC rewards at each key milestone. If you hold BTCBULL tokens in Best Wallet, you will receive BTC airdrops when the Bitcoin price reaches $150,000 and $200,000 for the first time.
$BTCBULL is now live! @BTCBULL_TOKEN is a Bitcoin-rewards-based emoji token that will offer milestone-based airdrops as the Bitcoin price reaches new levels. With built-in incentives to buy, hold, and trade, $BTCBULL offers holders a new way to stack BTC… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
Additionally, when the Bitcoin price reaches $250,000, the strongest holders will also receive a massive BTCBULL token airdrop, weighted by community sale purchase volume. Between each major Bitcoin price milestone and the subsequent BTC airdrop, there will also be a BTCBULL token burn. BTCBULL token holders will also have the opportunity to earn passive income through the project's staking platform, with an annual yield of up to 184%.
Investors interested in participating in the pre-sale can visit the official BTC Bull website and purchase BTCBULL tokens at $0.00237 each, with payment supported by BNB, ETH, USDT or bank cards. Buy BTCBULL within 21 hours to ensure the best deal, as prices are about to rise.
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