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Dogecoin price drops 25% in 2 days

Dogecoin price drops 25% in 2 days

GrafaGrafa2024/12/20 02:20
By:Mahathir Bayena

Dogecoin (CRYPTO:DOGE) has seen a significant drop in the past 36 hours, with its price plummeting by over 25%.

From trading above $0.41 on Tuesday, DOGE's price dropped to just above $0.30 within a few days due to a broader market correction.

This decline has raised concerns about the coin’s future price trajectory.

The cryptocurrency market experienced a sharp correction following the Federal Open Market Committee (FOMC) meeting, where the Federal Reserve reduced interest rates by 25 basis points.

Despite the cut, Fed Chair Jerome Powell indicated that no further rate reductions were expected in 2025 and clarified that the central bank was not allowed to purchase Bitcoin, dismissing promises made by former President Trump.

As is often the case, altcoins have been hit harder than Bitcoin (CRYPTO:BTC), and Dogecoin has been one of the worst performers.

Following a brief bounce to $0.365, the meme coin's price slumped to a 5-week low of $0.31.

Crypto analysts are warning that DOGE’s correction may not be over.

Jake Wujastyk, a well-known analyst, suggested that Dogecoin could drop below $0.27 in the coming days.

Another popular analysis account, Rose Premium Signals, shared a chart showing that the coin may test the critical support level at $0.22 before any potential recovery, following a bullish trend that began after Donald Trump's victory in the 2024 U.S. presidential election.

At the time of reporting, the price of Dogecoin (DOGE) was $0.3147.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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