"Who is in control? Dogecoin trading volume surges to $6.5 billion, liquidation storm sweeps the market!"
In the past 24 hours, the price of Dogecoin (DOGE) has dropped below the $0.4 support level, closing at $0.36, a decline of over 5%. Meanwhile, trading volume surged by 57% to $6 billion, with liquidation amounts exceeding $31 million, and long positions losing up to $25 million, significantly increasing market volatility.
This decline is attributed to Federal Reserve Chairman Powell's hawkish remarks, which suggested that the pace of interest rate cuts in 2025 would be slower than expected, putting pressure on risk assets. From a technical perspective, the downward trend of DOGE has not yet reversed, coupled with Bitcoin's failure to stabilize at critical price levels, resulting in insufficient short-term rebound momentum.
Nevertheless, analysts believe the current pullback may be an overreaction, and the long-term trend still holds potential. Investors should operate cautiously and patiently wait for market recovery. For more in-depth analysis, feel free to follow our expert, guiding you to find the right direction amidst the volatility!"
