The crypto market has faced a major correction over the past 36 hours, and $DOGE (DOGE) is among the hardest hit, losing over 25% of its value. 📉 Analysts suggest it may drop further to key support levels near $0.22.
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📊 Market Overview
The cryptocurrency market turned deep red 🟥 following the FOMC meeting on December 19, 2024. While the Federal Reserve cut interest rates by 25 basis points as expected, Fed Chair Jerome Powell’s warnings about no rate cuts in 2025 and restrictions on buying BTC shook investor confidence.
As is typical, altcoins were hit harder than Bitcoin, with Dogecoin (DOGE) leading the decline.
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🐕 Dogecoin Price Action
Dogecoin traded above $0.41 on Tuesday, December 17.
Following the market-wide correction, DOGE slumped to $0.34 on December 18.
After a brief recovery to $0.365, the OG meme coin plunged further, hitting a 5-week low of $0.31 today.
In total, DOGE has shed over 25% of its value in just 36 hours.
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🧐 What Analysts Are Saying
Crypto analysts believe DOGE’s correction may not be over yet:
Jake Wujastyk shared with his 300,000+ followers that DOGE could flash crash below $0.27.
Rose Premium Signals, a popular crypto analysis account, predicted DOGE could dip to $0.22 before resuming its bull run.
🚀 “If DOGE rebounds from the $0.22 support, potential targets include $0.40894 and $0.65557, signaling a 165% increase,” Rose Premium Signals added.
📸 Tweet:
"#Dogecoin ($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.”
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🔮 What’s Next for $DOGE ?
While the correction may seem alarming, Dogecoin could soon enter a recovery phase if it holds key support levels. Investors are advised to monitor the market closely, especially the $0.22 zone, which could act as a critical turning point.
💡 Stay cautious, stay informed, and remembe
r that volatility is the name of the game in crypto.
