Dogecoin (DOGE) Price Dips More Than 5% as Profit-Taking Kicks In

The crypto market today experienced a pullback, with major cryptocurrencies slipping as profit-taking kicked in after a solid run earlier this week.

The crypto market today experienced a slight pullback, with major cryptocurrencies slipping as profit-taking kicked in after a solid run earlier in the week.

Dogecoin (DOGE) was hit the hardest, falling more than 5%, while Bitcoin (BTC) maintained its stability around the $93,000 mark.

Other large-cap tokens such as XRP, Solana (SOL), and Binance Coin (BNB) experienced losses of over 2%, with Ether (ETH) seeing a milder dip of 1.5%.

Why the Sudden Crypto Sell-Off?

The crypto market dropped by a modest 2.5%. This sell-off was not triggered by any major negative news but rather by profit-taking after earlier gains. While global economic risks and political uncertainties continue to impact sentiment, Bitcoin stood resilient, attracting over $916 million in ETF inflows. Investors are increasingly viewing Bitcoin as a safe-haven asset amid volatile market conditions.

According to Vugar Usi Zade, an analyst at Bitget, Bitcoin’s correlation with stocks continues to weaken, while the U.S. dollar’s decline adds to its appeal as a store of value. However, short-term market movements are still heavily influenced by macroeconomic signals.

Global Politics and Macro Tensions Fuel Volatility

The global political landscape adds another layer of complexity. Although President Donald Trump recently reassured the market by stating that he does not intend to fire Fed Chair Jerome Powell, defusing some bond market nerves, the ongoing trade war with China keeps traders on their toes.

Some Chinese goods face tariffs as high as 245%, showcasing the high level of trade friction. Meanwhile, QCP Capital highlights that Powell’s statement removed a key risk factor, but geopolitical instability and unclear regulations continue to exert pressure on the market mood.

As a result, the market remains in a "wait-and-see" phase. Bitcoin’s consistent price action and the surging ETF demand present optimism, but the broader crypto market, especially meme coins like DOGE, remains sensitive to shifts in sentiment.

Dogecoin: Analysts Spot Breakout Potential

Despite the current market downturn, DOGE analysts remain optimistic about the coin’s long-term prospects. Crypto analyst Javon Marks believes that Dogecoin is still in an uptrend, despite its recent dip. He notes that the price has been forming higher lows and higher highs, a classic pattern that indicates continued upward momentum.

According to his analysis, if the bullish momentum persists, DOGE could potentially reach $0.6533 or even $1.25 in the future.

On the other hand, analyst Ehsan Zeydabadi identifies a symmetrical triangle pattern forming for DOGE, a setup that is often an indicator of an impending breakout. If DOGE manages to break above its resistance levels soon, it could propel towards $0.194. However, if it fails to breakout, the price could drop to around $0.146 or lower.

Bitcoin Price Today: Market Resilience Amid Volatility

While other cryptocurrencies face uncertainty, Bitcoin (BTC) has proven to be a resilient asset, attracting growing interest from institutional investors. Today, Bitcoin remains strong, holding nearly the $93,000 mark, as it benefits from its perceived safe-haven status in uncertain economic times.

This, combined with its decreasing correlation with traditional stocks and the U.S. dollar, positions Bitcoin as a preferred asset for long-term investors seeking to diversify their portfolios in a turbulent market.