Dogecoin (DOGE), the popular meme-based cryptocurrency, saw a sharp 7.5% drop in the past 24 hours, touching a two-week low amid rising geopolitical tensions and tightening monetary policy signals from major central banks. The token fell from $0.176 to $0.164 before stabilizing slightly above key support.
Geopolitical Pressures Trigger Risk-Off Reaction
The sell-off followed renewed conflict between Israel and Iran, prompting a broader risk-off sentiment across global markets. As expected, high-beta assets like Dogecoin were among the hardest hit.
Meanwhile, expectations that the Federal Reserve will maintain interest rates at 4.25%–4.50% further pressured speculative markets, including crypto. These macroeconomic uncertainties have led investors to pull back from risk assets, causing a sharp decline in altcoin volumes.
DOGE Finds Support at $0.164
Despite the steep drop, DOGE has shown signs of stabilizing. Buyers stepped in at the $0.164 mark, forming what analysts see as a potential double bottom — a classic chart pattern that could suggest a base for short-term consolidation.
Trading volumes, however, have fallen sharply since the initial decline, indicating caution and a lack of directional conviction in the market. Late-session data showed DOGE consolidating between $0.168 and $0.171, with a short-lived bullish spike reaching $0.1719 before fading.
Technical Overview: Patterns and Price Zones
- DOGE dropped 6.7%, falling from $0.176 to $0.164 in less than a day.
- The 15:00–16:00 trading window saw the most aggressive selling, with over 700 million DOGE traded.
- Support emerged at $0.164, which has so far held firm.
- Descending triangle formation is visible on intraday charts, with resistance at $0.171 and support at $0.1705.
- Volume has tapered off, with most hourly candles falling below 3 million DOGE traded.
Market Outlook Remains Unclear
While Dogecoin is currently holding its support level, the lack of buying momentum and broader market caution suggest more consolidation ahead. A break below $0.164 could lead to further downside, while a move above $0.172 may signal the start of a relief rally.
Until a clearer macro signal emerges, DOGE’s short-term direction remains uncertain, with traders advised to watch volume trends and global risk sentiment closely.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss