The crypto market has faced a significant correction over the past 36 hours, and $DOGE (Dogecoin) has been one of the hardest hit, losing more than 25% of its value. Analysts are now suggesting that DOGE may be heading towards key support levels near $0.22. Let’s break down what’s happening with Dogecoin and what might be next for the token.
📊 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, along with restrictions on buying BTC, shook investor confidence.
As is typical during such market corrections, altcoins were hit harder than Bitcoin, and Dogecoin (DOGE) led the decline.
🐕 Dogecoin Price Action
On Tuesday, December 17, Dogecoin was trading above $0.41.
Following the market-wide correction, DOGE slumped to $0.34 by 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.
🧐 What Analysts Are Saying
Crypto analysts believe DOGE’s correction may not be over yet:
Jake Wujastyk, a popular analyst with over 300,000 followers, warned that DOGE could flash crash below $0.27.
Rose Premium Signals, a renowned crypto analysis account, predicted that DOGE could dip to $0.22 before potentially resuming its bull run.
Rose Premium Signals added, “If DOGE rebounds from the $0.22 support, potential targets include $0.40894 and $0.65557, signaling a 165% increase from current levels.”
($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.
🔮 What’s Next for $DOGE ?
Although the current 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 remember that volatility is the name of the game in crypto.
