Key Notes
- Bulls successfully defended the $0.26 support level despite multi-month highs near $0.29 facing rejection last week.
- Futures volume dropped 26% while open interest fell 4% as traders reduced leverage exposure amid uncertainty.
- Technical indicators suggest neutral momentum with potential for $0.32 breakout if ETF approval materializes Thursday.
Dogecoin
DOGE
$0.27
24h volatility:
0.7%
Market cap:
$40.43 B
Vol. 24h:
$3.90 B
price rose 1% intraday as bulls defended the $0.26 support level. After testing multi-month peaks near $0.29 on ETF speculation last week, optimism remains strong ahead of Dogecoin ETF verdicts expected Thursday.
However, Elon Musk’s recent moves doubling down on Tesla and Fed rate concerns have imposed short-term bearish sentiment on Dogecoin markets.
On Monday, the billionaire entrepreneur announced a $1 billion purchase of Tesla shares, his first major reaction after Oracle founder Larry Ellison overtook him as the world’s richest man through an AI deal with NVIDIA.
Musk further emphasized his focus on Tesla while responding to community speculation on X on Tuesday.
Dogecoin derivatives market analysis, Sept 16, 2025 | Source: Coinglass
Dogecoin derivatives markets also priced in the potential impacts of Elon Musk’s attention shifting towards Tesla, at the expense of projects like Dogecoin.
According to Coinglass, Dogecoin futures trading volume plunged 26.39% to $9.41 billion, while open interest fell 3.85% to $5.35 billion. This represents over $200 million in liquidated open positions despite 1% spot price gains within the last 24 hours.
This signals that while some Dogecoin traders are front-running potential ETF approval with spot purchases, short-term speculators trimmed leverage exposure in response to Musk’s latest pivot towards Tesla and the looming Fed rate decision.
Dogecoin Price Forecast: Can Bulls Reclaim the $0.29 Peak?
Dogecoin price remains in neutral territory, having retraced from the local high of $0.29 last week to hold the $0.26 support line on Tuesday.
If declining open interest triggers sell-offs in spot markets, the Keltner Channel midline near $0.246 offers initial support against downswings. However, a close below that level could see Dogecoin price fall toward the lower boundary at $0.21.
Dogecoin (DOGE) Technical Price Forecast | TradingView
The MACD remains positive but shows flattening momentum, suggesting bulls may be losing ground. For DOGE to retest $0.29, buyers must reclaim the $0.28 resistance zone with volume support.
If the ETF verdict lands favorably, this breakout could validate a run toward $0.32, marking a fresh high for Dogecoin price in 2025.
Conversely, failure to defend $0.26 ahead of the Fed decision could see DOGE fall into a consolidation range between $0.21 and $0.24.
Snorter Presale Nears $4M as Dogecoin Traders Seek Alternatives
As Dogecoin’s price swings around ETF speculation and Elon Musk’s latest Tesla investments, Snorter Bot, a Solana-based presale project, is also gaining market traction.
Snorter offers ultra-low transaction fees, lightning-fast execution, and exclusive early access to token launches.
Snorter Bot Presale
The SNORT token presale has already raised $3.9 million of its $4.4 million target, with momentum accelerating as traders rotate capital from volatile majors into early-stage opportunities. With less than 24 hours before the next price increase, prospective investors can still enter via the official Snorter website.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
Ibrahim Ajibade on LinkedIn
Source: https://www.coinspeaker.com/dogecoin-open-interest-dips-200m-as-elon-musk-turns-focus-to-tesla/
