Technical Analysis

8 min read

Dogecoin (DOGE) Completely Shifts Allegiance From Elon Musk to Bitcoin — Price Impact

Published June 26, 2025 11:02 AM

By Victor Olanrewaju

Edited by Ryan James

| Credit: Hameem Sarwar

Key Takeaways

DOGE is no longer influenced by Elon Musk’s posts, with CoinGecko noting his waning impact.
The memecoin increasingly correlates with BTC, but a recent bearish crossover signals weakness.
On the 4-hour chart, DOGE’s price has broken out of a falling channel, with the AO turning positive.

Unlike the 2021 bull market, Dogecoin’s (DOGE) price appears to be transitioning from its historical reliance on Elon Musk’s influence. Instead, Dogecoin’s price seems to follow Bitcoin’s (BTC) direction, as a recent CoinGecko research has revealed.

This less reliance on Musk has negatively impacted DOGE’s price for some. This is because the memecoin’s price performance this cycle has been worse than the last.

This analysis reveals what is going on with DOGE and what is next for the price.

Dogecoin Decouples From Musk

Dogecoin’s price has fallen by 50% year-to-date (YTD), which contradicts what the broader market expected at the beginning of the year.

During that period, Musk was the leader of the Department Of Government Efficiency (DOGE) arm of the Donald Trump administration. But even before Musk’s recent exit, Dogecoin’s price began faltering, barely budging despite his former clout.

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Some years back, a tweet from Musk about DOGE could send the price higher. But this cycle has had little impact. CoinGecko Research, in its latest edition , also highlighted this.

“Despite Musk posting about DOGE on X, it does not seem to influence the price as much anymore,” The report stated.

Furthermore, CoinGecko Research reveals that Dogecoin (DOGE) is tightly tethered to Bitcoin (BTC), mirroring its every move despite BTC’s lackluster performance.

Memecoin Treads BTC’s Path

The daily DOGE/BTC chart paints a grim picture. As of this writing, the pair is trapped in a descending channel, signaling a relentless bearish trend.

Reinforcing this outlook, the Moving Average Convergence Divergence (MACD) has flipped downward, flashing a bearish crossover.

Should the trend remain the same, Dogecoin’s price might fail to break out anytime soon as Bitcoin fails to retest its all-time high.

CoinGecko Research unveils a stunning twist. Despite a bearish market, Dogecoin (DOGE) boasts liquidity that rivals Solana (SOL) and XRP.

Yet, a fierce tug-of-war between bullish buyers and bearish sellers locks Dogecoin’s price in a gripping stalemate.

DOGE Price Analysis: Short-Term Recovery

Meanwhile, the 4-hour DOGE/USD chart presents a contradictory outlook. As seen in the image below, Dogecoin’s price has broken above the upper trendline of the falling channel.

While this breakout has happened, the Awesome Oscillator (AO) has risen, indicating bullish momentum. At the same time, the green line of the Supertrend indicator is positioned below the memecoin’s price, indicating strong support.

Should this remain the same, DOGE’s price could climb as high as $0.23. However, if selling pressure increases, this trend might change.

In that scenario, the coin might decline to $0.14 in the short term. In a highly bearish case, the market value might slide to $0.10

Victor Olanrewaju

Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space. With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run. He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives. In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends. At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics. He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.

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