As a seasoned researcher with extensive experience in the volatile world of cryptocurrencies, I find myself both intrigued and cautious when observing Dogecoin‘s recent performance. The rapid 25% correction over the past 36 hours is certainly eye-catching, especially considering its status as a well-established meme coin.
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.
cryptocurrency market price charts have remained in a downtrend since the FOMC meeting yesterday. While the Fed did lower interest rates by 0.25% as anticipated, Jerome Powell, the Fed Chair, hinted at no further rate cuts in 2025 and emphasized that the central bank cannot purchase Bitcoin, contrary to what President Trump suggested.
Generally speaking, alternative cryptocurrencies (altcoins) tend to be affected more severely than Bitcoin during market downturns, and this is no exception. Not all altcoins are hit equally hard; some have suffered significantly greater losses, particularly the larger meme coins in the market.
On Tuesday, Dogecoin surpassed $0.41, but a broader market adjustment caused it to dip to $0.34 the next day. It briefly rebounded to $0.365 before plummeting again today, reaching a 5-week low of $0.31. This means that Dogecoin, the original meme coin, lost approximately 25% of its value within just 36 hours.
According to numerous crypto analysts, the downward trend for this digital asset might still continue. Jake Wujastyk warned his approximately 300,000 followers that the value of Dogecoin could plummet significantly below 27 cents.
A widely-used crypto analysis platform, Rose Premium Signals, posted a chart predicting that Dogecoin’s downward trend might reach a significant drop to the crucial support level at approximately $0.22. Following this potential decline, it is suggested that Dogecoin could reinitiate its bull run that began following Donald Trump’s victory in the 2024 U.S. presidential elections in early November.
Currently, Dogecoin (Dogecoin/USDT) is experiencing a period of correction, possibly touching the crucial support point at approximately $0.22076. If it bounces back from this level, it could aim for targets around $0.40894 and $0.65557, suggesting a potential growth of up to 165%.
— Rose Premium Signals (@VipRoseTr) December 19, 2024
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2024-12-19 21:58