Dogecoin Price Down 25% In 2 Days, DOGE Heading For $0.22?

TL:DR;

While the entire cryptocurrency market has severely corrected in the last 36 hours, DOGE is among the worst performers as its price dropped by more than 25%. Many analysts weighed in on DOGE’s next price move, with some predicting a further drop from key resistance lines such as $0.22.

Price charts across the cryptocurrency market have been in a deep red state since yesterday’s FOMC meeting. Although the Fed cut interest rates by 25 basis points as expected, its chairman, Jerome Powell, warned that there may be no cuts in 2025 and said the central bank is not allowed to buy BTC, despite Trump’s promises.

As usual, altcoins are more affected than BTC, but some have been bled more than others. This is the case with the biggest meme currency.

Dogecoin traded above $0.41 on Tuesday, but the market-wide correction pushed it south to $0.34 yesterday. After a small bounce to $0.365, the asset also sank sharply today to a 5-week low of $0.31. Thus, the OG meme coin lost more than 25% of its value in about 36 hours.

Many crypto analysts believe that the asset correction is not over. Jake Wujastyk told his nearly 300,000 followers that DOGE could crash below $0.27.

Another popular X account for crypto analysis, Rose Premium Signals, shared a chart showing that Dogecoin’s decline could culminate in a drop to the key support area at $0.22 before the asset picks up its bullish run that began after Donald Trump’s victory in the US presidential election of 2024. in early November.

#Dogecoin ( $DOGE/USDT) is going through a correction phase, potentially testing the key support at $0.22076. A rally from this level could lead to targets of $0.40894 and $0.65557, indicating a potential upside of 165%. pic.twitter.com/lDrLJkWxk4

— Rose Premium Signals (@VipRoseTr) December 19, 2024

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