Dogecoin price has seen heightened volatility as buyers await a ruling from the Supreme Court of the United States (SCOTUS) on Donald Trump’s tariffs. The memecoin dropped 18% after a broader market sell-off triggered by renewed market tensions between the U.S. and key NATO allies.
However, some analysts now believe that a positive court decision could serve as a catalyst for recovery. With the ruling expected Tuesday, DOGE’s movement around key technical levels is attracting close attention.
Dogecoin is currently holding near $0.106, close to its 200-week simple moving average (SMA) at $0.105. This level has acted as structural support in previous bear markets, such as in 2021 and 2022. Recent weekly candles have shown narrower priced ranges, signaling reduced selling pressure despite broader market declines.
Earlier in January, DOGE attempted to break past the $0.15 resistance but failed to sustain momentum. The coin reversed sharply after approaching the November swing high of $0.156. Since then, DOGE has trended lower, with bullish liquidations spiking to the highest levels since November. A liquidation event occurs when leveraged positions are closed due to insufficient collateral, often increasing short-term volatility.
According to analysts on X, Dogecoin may be forming a hammer candlestick on the daily chart, a potential bullish reversal signal. This pattern usually indicates buyers are stepping in to defend a key level after a sell-off.
Polymarket data shows buyers assigning a high likelihood that SCOTUS will rule against Trump’s tariffs. These tariffs, announced for eight European nations including France and Germany, have caused concern about a renewed market war. The European Union is also considering retaliatory measures, which could escalate market stress.
Crypto analyst Kevin Capital warned that tariffs, along with concerns over the Yen carry transactions and potential U.S. government shutdown, are among key risks for digital assets this week. Bitcoin has already dropped below the $95,000 mark, dragging major altcoins down. Dogecoin’s decline followed this move, erasing all year-to-date rallies.
If SCOTUS rules to reverse the tariffs and mandates, it could restore market sentiment. Assets like DOGE that suffered in response to the tariff fears could rebound sharply. Until then, price action remains cautious as buyers await legal clarity.
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