Dogecoin Plummets 7% Amid Global Market Jitters and Central Bank Policy: Analysis and Market Update
Dogecoin (DOGE) has experienced a significant decline of 7.5% in the past 24 hours, tumbling from $0.176 to $0.164 as global markets continued to react to escalating geopolitical tensions in the Middle East and a hawkish central bank policy.
Tensions between Israel and Iran escalated over the weekend, prompting a swift risk-off reaction in global markets. Crypto was not immune to this trend, with DOGE shedding nearly 8% before stabilizing above a key technical floor. Meanwhile, the Federal Reserve is widely expected to keep interest rates steady at 4.25%–4.50% and continue to unwind its balance sheet. These macroeconomic headwinds have weighed heavily on altcoins, especially high-beta assets like dogecoin.
Despite the downturn, DOGE found support as buying activity returned near the $0.164 level, forming a potential double bottom pattern that some analysts view as a base for consolidation. With volatility cooling and volume declining, the market appears to be waiting for a clearer signal before its next directional move.
The sharpest sell-off came during the 15:00–16:00 window, where DOGE saw nearly 700 million units traded as price dropped below key support. Buyers stepped in at $0.164, lifting DOGE into a range between $0.168 and $0.171. Late-session trading showed price stabilizing above $0.170, with a bullish push at 01:21 sending DOGE to $0.1719 before fading. Price action since has traced a descending triangle with lower highs forming against flat support.
In summary, Dogecoin has experienced a significant decline in recent hours due to geopolitical tensions and central bank policy. However, it has found support at a key level and is currently consolidating within a potential double bottom pattern. As volatility cools and volume declines, the market awaits a clearer signal for its next move.
Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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