Dogecoin: Can Elon Musk’s Support Save the Price?

Dogecoin on June 11, 2025, at $0.19, holds at $0.176 support. Musk’s news and technicals suggest a mixed outlook.

Dogecoin (DOGE) remains one of the most popular meme coins in the crypto market on June 11, 2025. Its current price is around $0.19, reflecting a 7% decline over the past week. The cryptocurrency is currently holding at a critical support level of $0.176, attempting to prevent further declines. Technical analysis indicates bearish patterns, such as a double top on the 4-hour timeframe, which could signal continued selling pressure. However, the $0.176 support is vital due to liquidity accumulation and historical data. If this level breaks, a correction toward $0.15 is likely. Conversely, a breakout above the $0.20 resistance could push Dogecoin toward targets of $0.23–$0.26. Some analysts have projected ambitious targets like $1 or $2 by the end of 2025, but such scenarios require strong catalysts like social media hype and high trading volume. Recent news surrounding Elon Musk has contributed to Dogecoin’s volatility. Following Musk’s departure from his role in the U.S. government’s D.O.G.E department, speculation has arisen about his potential return to promoting Dogecoin. Some believe Musk’s social media activity could reignite investor interest. Additionally, Coinbase’s integration of Dogecoin into Ethereum’s Base network via the cbDOGE token has increased its accessibility, potentially boosting demand. However, declining trading volume and institutional selling pressure have clouded the short-term outlook. Options market analysis shows mixed sentiment, with a Put/Call ratio of around 0.6, indicating a balance between buyers and sellers. A $20 million Dogecoin transfer to Coinbase has raised concerns about selling pressure. On the positive side, Dogecoin’s growing community and rising active users highlight its social support potential. Traders are advised to consider multiple strategies. Some suggest entering long positions at the $0.15–$0.17 support zones, while others recommend waiting for a confirmed breakout above $0.20. Risk management with stop-loss orders is crucial in this volatile market. Overall, Dogecoin is at a critical juncture, with its future path depending on technical factors and external news. Will Dogecoin soar again in 2025? Its ability to hold key supports and leverage social catalysts like Musk’s endorsements will be decisive.