Dogecoin Falls 3% Today (6/12): Could This Drop Spark a Massive Rally for DOGE?

Jakarta, Pintu News – As reported by Coingape, the Dogecoin (DOGE) price rose for the third consecutive day, retesting the resistance level at $0.20 for the first time since May 30.

Its rise continued after Elon Musk expressed regret regarding some of his posts on X about Trump. Let’s see if this momentum will trigger a big rally, potentially reaching $0.2600, the highest point in May.

Dogecoin Price Drops 3.27% in 24 Hours

On June 12, 2025, Dogecoin saw a 3.27% decline in the past 24 hours, trading at $0.1912, which is about IDR 3,106. During this period, DOGE reached a high of IDR 3,318 and a low of IDR 3,096.

At the time of writing, Dogecoin’s market cap stands at around $28.6 billion, with trading volume rising 13% to $1.6 billion within 24 hours.

Read also: Ethereum Price Stuck at $2,700 (6/12): Surpassing BTC, Is ETH Poised for a Surge to $10,000?

Dogecoin Analysis: Needs Momentum to Continue Rally

Citing a Coingape report (11/6), the 12-hour Dogecoin price chart shows that the coin bottomed at $0.1660 on June 5 and then began a slow recovery that pushed it to $0.20 today.

The low point is important because it coincides with the low point on May 6.

The technical indicators are giving mixed signals about DOGE. On the one hand, the momentum oscillator and the Relative Strength Index (RSI) are pointing upwards, a sign that the trend is strengthening.

RSI measures the speed and magnitude of price changes of an asset, and is commonly used to identify overbought and oversold levels. Like other oscillators, a rising RSI signals bullish momentum.

Other indicators warn that DOGE’s ongoing price recovery may not be strong enough. For example, the coin found resistance at its 50-period Exponential Moving Average (EMA). DOGE needs to turn this resistance to continue its explosive rally.

Another warning signal is that the Average Directional Index (ADX) indicator is showing a downward trend.

The value dropped to 21.45, from 42 in May this year. A declining ADX line indicates that the trend is not strong and often leads to a trend reversal.

Therefore, an explosive rally to $0.2594 is in order if the coin gains momentum and reverses the 50-period moving average.

If it manages to break the initial target at $0.2594, the next resistance level at $0.4324 will be seen. This was the highest level in January and 118% higher than the current level.

Read also: 6 Cryptos Ready to Explode in the Next 90 Days!

Conversely, a drop below the support level at $0.1660 will invalidate the bullish view and lead to a fall to $0.1280, the lowest level in April.

Potential Bullish Catalysts for DOGE Price

An explosive Dogecoin price rally could happen if there are at least four catalysts. First, if the Bitcoin price breaksout and moves above its all-time high.

Such a move would trigger a broader crypto market rally, similar to the one in May when Bitcoin hit an all-time high.

Secondly, a reconciliation between Elon Musk and Donald Trump would also be psychologically bullish. Musk has already expressed his regret over some of his statements, increasing the likelihood of a reconciliation.

Thirdly, the ongoing DOGE whale accumulation could drive further upside.

Lastly, the approval of spot DOGE ETFs proposed by companies such as Bitwise, 21Shares, Grayscale, and Rex Shares will be bullish as it will increase demand.

Overall, the Dogecoin price has increased in recent days. While this recovery is good, the moving averages and ADX suggest that an explosive rally is still elusive.

For this to happen, the ADX needs to reverse direction, while fundamental factors such as the crypto market rally and the approval of the DOGE ETF are required.

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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. Dogecoin Price at $0.2, Will Momentum Trigger an Explosive Rally? Accessed on June 12, 2025