TL:DR;
- Although the entire cryptocurrency market corrected severely in the past 36 hours, DOGE is among the poorest performers as its price dumped by more than 25%.
- Many analysts weighed in on DOGE’s upcoming price developments, with some predicting a further drop to key resistance lines such as $0.22.
The price charts across the entire cryptocurrency market have been in a deep red state ever since yesterday’s FOMC meeting. Although the Fed indeed cut the interest rates by 25 basis points as expected, its Chair, Jerome Powell, warned that there might not be any reductions in 2025 and said the central bank is not permitted to buy BTC, despite Trump’s promises.
As it typically happens, the altcoins are hit harder than BTC, but some have bled out more heavily than others. Such is the case with the larger meme coin.
Dogecoin traded above $0.41 on Tuesday, but the market-wide correction pushed it south to $0.34 yesterday. After a minor bounce-off to $0.365, the asset slumped hard today as well, dumping to a 5-week low of $0.31. Thus, the OG meme coin shed over 25% of its value in about 36 hours.
Many crypto analysts believe the asset’s correction is not over. Jake Wujastyk told his nearly 300,000 followers that DOGE could flash crash below $0.27.
Another popular X account for crypto analysis, Rose Premium Signals, shared a chart showing that Dogecoin’s decline could culminate with a nosedive to the key support area at $0.22 before the asset resumes its bull run that started after Donald Trump’s victory in the 2024 US presidential elections in early November.
#Dogecoin ( $DOGE/USDT) is undergoing a corrective phase, potentially testing the key support at $0.22076. A rebound from this level could lead to targets at $0.40894 and $0.65557, indicating a potential 165% increase.” pic.twitter.com/lDrLJkWxk4
— Rose Premium Signals (@VipRoseTr) December 19, 2024
Read the full article here