Dogecoin Price Dumps by 25% in 2 Days, Is DOGE Heading Toward $0.22?

TL;DR:

• Cryptocurrency market experienced a significant correction, with Dogecoin (DOGE) among the worst performers, losing over 25% of its value.
• Analysts predict further declines for DOGE, potentially reaching $0.22 or lower.

Dogecoin's Price Correction

The overall cryptocurrency market has been in a downward trend since the Federal Reserve's (Fed) Federal Open Market Committee (FOMC) meeting. Despite the Fed's interest rate cut, Chair Jerome Powell indicated that future rate cuts may be limited and that the central bank cannot purchase Bitcoin (BTC).

Meme coins like DOGE have been particularly hard hit by the correction. DOGE traded above $0.41 on Tuesday but has since plummeted to a 5-week low of $0.31, losing over 25% in approximately 36 hours.

Analysts' Predictions

Analysts speculate that DOGE's correction is not over. Jake Wujastyk anticipates a potential flash crash below $0.27. Rose Premium Signals suggests that DOGE may decline further to $0.22 before resuming its upward trend.

Conclusion

Dogecoin is currently experiencing a corrective phase. Analysts predict that the correction may continue, potentially testing the key support levels at $0.22. However, if DOGE rebounds from these levels, it could potentially reach targets of $0.40894 and $0.65557, representing a significant increase from its current price.