Dogecoin has seen a sharp decline of over 10% in the past week, falling to$0.179. The drop coincides with heightened uncertainty linked to Elon Musk and Donald Trump, which appears to have dampened investor sentiment.

Despite the setback, Dogecoin remains the eighth-largest cryptocurrency by market capitalisation at$26.88 billion and commands a dominance of 0.8299%.

Technical analysis shows widening Bollinger Bands on the 4-hour chart, indicating increased volatility. The price touched the lower band near$0.17 before making a mild recovery towards the midline.

Meanwhile, trading volume surged to$1.63 billion, suggesting a large-scale sell-off. The Relative Strength Index (RSI) fell into an oversold zone but is now showing signs of recovery at 39.75, hinting at a potential reversal.

If bullish momentum continues, Dogecoin could test the resistance level at$0.183, with possible targets at$0.200 and$0.217. However, failure to break through could send the price down to the key support level of$0.165 in the coming weeks.