Dogecoin Dropped 16% In A Week, Time To Grab Some? Analyst Says Meme King At A 'Make-Or-Break' Level

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) fell Wednesday after President Donald Trump's tariff shock, extending its weekly losses to over 16%.

What Happened: The world's largest meme reversed from the highs of  $0.1787 to the mid-$0.1600 region as the new reciprocal tariff structure exceeded Wall Street's worst-case expectations, sending stocks and cryptocurrencies tumbling.

DOGE has made a sharp U-turn since hitting $0.20 last week, losing more than 16% along the way. The price decline dampened speculative interest in the coin, causing the Open Interest in DOGE futures to fall 24% over the week, according to Coinglass. 

Moreover, the Long/Short Ratio dipped below 1, indicating that the majority of traders were positioned bearish on the coin.

See Also: ‘Greatest Of Them All’ TRUMP Memecoin Headed for Trump Media ETFs? Polymarket Bettors Think It’s Unlikely

Why It Matters: Well-known cryptocurrency analyst Ali Martinez stated that DOGE was at a "make-or-break level."

"If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely," the analyst projected.

Moving averages, both exponential and simple, flashed "Sell" signals for DOGE, according to TradingView.

Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, typically a 12-period EMA and a 26-period EMA, generated a "Buy" signal.

Price Action:  At the time of writing, Dogecoin was exchanging hands at $0.1658, down 3.30% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

Read Next: 

• Elon Musk Dismisses Dogecoin Use By Government, Clears The Air On DOGE Department: ‘Two Very Different Things’