Dogecoin's Rollercoaster: From Soaring Highs to Critical Support
Dogecoin, the beloved meme coin, is currently locked in a nail-biting struggle for survival after a dramatic market downturn. Just last week, Doge was celebrating a phenomenal 27% surge, briefly touching $0.288 on Monday, driven by exciting talks of a spot ETF and a significant $500 million reserve build-up by mining firm Bit Origin. This meteoric rise was also buoyed by positive regulatory news, specifically the U.S. stablecoin legislation. However, the party has abruptly ended. In the last 24 hours, Dogecoin plummeted 6.53% to $0.247, caught in a broader crypto market liquidation spree that saw over $500 million wiped out. This sharp correction is largely attributed to grim economic forecasts, with analysts now anticipating a lower chance of a July rate cut from the U.S. Federal Reserve. The popular altcoin is now dangerously testing a critical support level at $0.2399 (the four-hour daily SMA 50). Holding this line is paramount; failing to do so could send Dogecoin tumbling back towards $0.19, undoing its recent hard-won gains. Despite the immediate pressure, optimism isn't entirely gone. Cryptocurrency analyst Ali believes Dogecoin still has a shot at reaching $0.36, provided it can firmly secure its position above $0.25. The coming days will be crucial in determining if Doge can reclaim its bark or succumb to the market's bite.
