Dogecoin Price Dumps by 25% in 2 Days, Is DOGE Heading Toward $0.22?
2024-12-20
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TL:DR;

The price charts across the entire cryptocurrency market have been in adeep red stateever since yesterday’s FOMC meeting. Although the Fed indeedcutthe interest rates by 25 basis points as expected, its Chair, Jerome Powell, warned that there might not be any reductions in 2025 and said the central bank is not permitted to buy BTC, despite Trump’s promises.
As it typically happens, the altcoins are hit harder than BTC, but some have bled out more heavily than others. Such is the case with the larger meme coin.
Dogecoin traded above $0.41 on Tuesday, but the market-wide correction pushed it south to $0.34 yesterday. After a minor bounce-off to $0.365, the asset slumped hard today as well, dumping to a 5-week low of $0.31. Thus, the OG meme coin shed over 25% of its value in about 36 hours.
Many crypto analysts believe the asset’s correction is not over. Jake Wujastyktoldhis nearly 300,000 followers that DOGE could flash crash below $0.27.
Another popular X account for crypto analysis, Rose Premium Signals, shared a chart showing that Dogecoin’s decline could culminate with a nosedive to the key support area at $0.22 before the asset resumes its bull run that started after Donald Trump’s victory in the 2024 US presidential elections in early November.
#Dogecoin ( $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.” pic.twitter.com/lDrLJkWxk4
— Rose Premium Signals (@VipRoseTr) December 19, 2024