Dogecoin Slides Alongside Bitcoin, Memecoins as Traders Pare Risk Bets
Following the Federal Reserve's decision to cut interest rates by 25 basis points to a range of 3.5%-3.75%, risk-off sentiment swept through the cryptocurrency market. Bitcoin fell below $90,000 during weekend trading, while meme coins, including Dogecoin (DOGE), underperformed amid the broader macroeconomic pressures.
DOGE broke below a key support level of $0.1407, with trading volume surging about 348% and hitting a session low of $0.1372. Overall, DOGE's price declined 2.6% to roughly $0.1376 on the session, experiencing intraday volatility of approximately 4.6%.
Despite the sharp drop, immediate downside momentum appears to have been exhausted. Signs of a V-shaped reversal were observed as buyers stepped in near the critical $0.137 support area. The volume profile suggests capitulation selling may be complete.
Key near-term levels indicate that holding above $0.1372 supports consolidation in DOGE's price. Reclaiming the $0.1407 level could set targets between $0.1425 and $0.1440, while failure to hold the $0.1372 support might open the door to further declines toward $0.1354. The next significant move will depend on whether buyers can defend this crucial price area or if macroeconomic pressures resume their downward influence.
