Dogecoin's price has dropped by around 12% in the last 24 hours, reaching $0.338 as part of a broader crypto market selloff following Donald Trump's inauguration. This decline disappointed the cryptocurrency industry that had high hopes for crypto-friendly policies from Trump. Analysts expect any favorable developments regarding Bitcoin to be slow, leading to increased volatility. Notably, Dogecoin had already started declining before Trump's inauguration, peaking at $0.434 on January 19 and subsequently falling over 22.50%. The drop also coincided with the resignation of Vivek Ramaswamy from a government initiative linked with Elon Musk, raising concerns regarding legal challenges to Dogecoin. The current market shows indecision, reflected in a symmetrical triangle pattern, which could result in either an upward breakout targeting $0.59 or a downward drop to $0.20 if the trendline breaks. Investors should approach the situation cautiously given the potential for significant price fluctuations.

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