Dogecoin (DOGE) is trading at dangerously low levels, down 25% in the past two days. Fears are igniting that the token will fall below $0.20. The ongoing crypto market correction phase has sent many of the top cryptocurrencies tumbling down this week. DOGE, as one of the leading meme coins, is getting significant attention for its fall, as investors are worried about further decline.
Crypto Expert tweeted on X post highlighting Dogecoin’s recent price trends, noting a potential key support level at $0.22076. The analysis suggests the Dogecoin price is undergoing a corrective phase after a significant 25% dip, raising concerns about a possible fall below $0.20 support levels.
At the start of November, the cryptocurrency market embraced a monumental bull rally. The outcome of the 2024 presidential election played its role, with favorable regulation expected from the incoming administration. In early December, Bitcoin would reach six figures for the first time. Yet, that increase came to a head this week amid an ongoing bearish reversal.
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After the Federal Open Market Committee (FOMC) meeting, the Dogecoin price dropped alongside a widespread cryptocurrency market downturn. The Federal Reserve reduced interest rates by 25 basis points, as anticipated. However, Chair Jerome Powell stated there may be no further cuts in 2025. A host of assets have fallen as a result, with values plummeting across the board. One of the hardest hits was Dogecoin, although DOGE is expected to rebound from its December fall soon.
According to cryptocurrency price prediction platform CoinCodex, Dogecoin is expected to continue falling to a $0.28 high in January 2025. Yet, things are expected to change drastically after that. Just one month later, DOGE is forecasted to reach a $0.66 monthly high. Then the platform projects that the token will reach a $1.21 high in March. That increase would represent a 284% jump from its current level and have it in a prime position to thrive throughout the coming year.
