Dogecoin Drops 3% Today (2/28/25): Crypto Analysts Give Optimistic Outlook for DOGE!

Jakarta, Pintu News – Dogecoin (DOGE) price fell 3% on February 28, 2025, as selling pressure still dominates the crypto market. However, some crypto analysts see an opportunity for recovery in the near future.

Technical indicators point to a potential trend reversal, while optimism towards wider adoption, including the possibility of a Dogecoin ETF, continues to attract investor attention.

Dogecoin Price Drops 3.38% in 24 hours

On February 28, 2025, Dogecoin (DOGE) saw a 3.38% decline over the past 24 hours, trading at $0.1967 or approximately 3,262 IDR. Throughout the day, DOGE reached a high of 3,485 IDR before dipping to its lowest point at 3,231 IDR.

As of this writing, Dogecoin’s market capitalization stands at approximately $29.06 billion, while its 24-hour trading volume has dropped 23% to $1.53 billion, reflecting a slowdown in market activity.

Read also: Ethereum Sinks 4% Today (Feb 28, 2025) – What’s Behind the Sharp Drop in ETH Price?

Dogecoin Price Plummets, will it Recover Soon?

As reported by Coingape (2/27/25), the price of Dogecoin (DOGE) fell to around $0.20, with analysts saying that this pattern follows a cycle that has occurred in previous years. Historically, Dogecoin has often experienced a correction before rebounding.

Bithereum crypto analysts note that the current price movement of DOGE is forming a falling wedge pattern, which indicates a possible drop to the $0.20197 level. This level has been tested and aligns with previous trends, where Dogecoin has experienced frequent pullbacks before eventually rallying back.

Although the price is currently falling, some analysts believe that DOGE has the potential for an upward reversal, with a target increase to $0.45 in the near future.

One of the factors contributing to DOGE’s price decline is reduced network activity.

Based on market data, the number of new address creation on the Dogecoin network has plummeted from 1.29 million in November to just 30,815 currently. The decline in the number of new addresses indicates reduced investor participation, which could weaken buying pressure and cause the price to drop further.

Read also: Bitcoin Struggles at $84,000 Today (Feb 28, 2025) – Is a Drop to $73K Coming, or Will BTC Bounce Back?

Trump’s 25% Tariffs on the European Union: Impact on Dogecoin Price

Dogecoin’s (DOGE) recent price drop also comes amid broader economic concerns. One of the main factors affecting the market was US President Donald Trump’s announcement of the imposition of 25% tariffs against the European Union.

“We’ve made a decision, and we’re going to announce it soon. The tariff will be 25 percent,” Trump said in a cabinet meeting, as reported by the Financial Times.

The statement sparked fears of trade tensions between the US and EU, impacting global markets, including crypto markets.

Following the announcement, the price of Bitcoin (BTC) fell below $84,000, dragging down the entire crypto market. Dogecoin alone saw a drop of more than 6% as traders reacted to the economic uncertainty.

Some analysts argue that fear of US economic policy has increased selling pressure across digital assets.

At the same time, continued selling pressure on DOGE, especially from whales, could cause Dogecoin to retest lower support levels before stabilizing.

Dogecoin Poised for a Rebound? Analysts Give Optimistic Outlook

Although the Dogecoin (DOGE) price has been on the decline, technical indicators are signaling a potential trend reversal.

Read also: Dogecoin Whale Dumps 312 Million DOGE as the Market Sinks—What Happens Next?

According to crypto analyst Ali (@ali_charts), the TD Sequential indicator has given a buy signal on the daily chart. This indicator is often used to identify trend reversals, which means DOGE could soon experience upward momentum.

Another analyst, Trader Tardigrade, noted that the current price movement of DOGE is similar to the bullish pattern that occurred in 2017-2018. If this trend continues, Dogecoin could potentially experience a major rally, with a price target of $1.70.

In addition, Master Kenobi highlighted that DOGE is still holding above the critical trend line, which has historically served as a strong support level. He also added that DOGE’s Relative Strength Index (RSI) is at its lowest level since March 2023, which could indicate a weakening of selling pressure and an opportunity for price recovery.

Crypto analysts have now identified some key price levels that could determine the direction of Dogecoin’s next move. If DOGE manages to hold support around $0.20, then a potential rebound could take the price towards $0.30998, $0.37154, and $0.45918 in the next few weeks.

In addition, optimism towards the potential approval of a Dogecoin ETF is also keeping investor enthusiasm high. Recently Grayscale Investments, CoinShares, and WisdomTree have filed paperwork for an ETF in recent days.

With this increased speculation, traders and investors continue to monitor DOGE’s movements for further upside opportunities.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Why Dogecoin Price is Going Down Today? Accessed on February 28, 2025