The cryptocurrency market has been hit with a significant correction over the past 36 hours, and Dogecoin ($DOGE ) is among the hardest-hit assets, losing over 25% of its value. Analysts warn the decline could continue, with key support levels near $0.22 in focus.

Crypto Market Update

The broader market turned bearish following the Federal Open Market Committee (FOMC) meeting on December 19, 2024. Although the Federal Reserve cut interest rates by 25 basis points as expected, Fed Chair Jerome Powell’s announcement of no further rate cuts in 2025 dampened investor sentiment.

This shift caused a sharp decline in Bitcoin and an even steeper correction in altcoins, with Dogecoin leading the losses.

Dogecoin’s Price Trajectory

Dogecoin was trading above $0.41 on December 17, 2024, but the market correction saw it fall to $0.34 on December 18. Despite a brief recovery to $0.365, DOGE continued its downward spiral, hitting a five-week low of $0.31 today.

In just 36 hours, the meme coin has lost over 25% of its value, raising concerns about further declines.

Expert Analysis

Market analysts suggest Dogecoin may see additional downside:

Jake Wujastyk, a well-known crypto analyst, warned his 300,000+ followers of a potential flash crash below $0.27.

Rose Premium Signals, a popular crypto analysis platform, predicted DOGE could test the $0.22 support level before resuming its upward momentum.

“If DOGE rebounds from $0.22, key targets include $0.40894 and $0.65557, offering a potential upside of 165%,” Rose Premium Signals noted in a recent analysis.

Next Steps for DOGE

While the rapid decline is concerning, Dogecoin could enter a recovery phase if it holds critical support levels. The $0.22 mark is now the focal point for traders and investors, as it could signal the end of the correction and the start of a bullish reversal.

Key Takeaway: Crypto markets are inherently volatile, and Dogecoin’s current dip may present both risks and opportunities. Keep an eye on the $0.22 support zone and stay updated to make informed decisions.

#DOGE #BTCNextMove #GrayscaleSUITrust