Dogecoin Drops 7.5% as Market Reacts to Geopolitical Tensions
Dogecoin (DOGE) dropped 7.5% within 24 hours, falling from $0.176 to $0.164 due to rising geopolitical tensions and central bank policies.
Key Facts
- Escalating Israel-Iran tensions triggered a risk-off reaction in global markets, impacting cryptocurrencies.
- The Federal Reserve is expected to maintain interest rates at 4.25%–4.50% while continuing balance sheet reduction.
- Altcoins, particularly high-beta assets like DOGE, are affected by these macroeconomic factors.
- DOGE stabilized above $0.164, forming a potential double bottom pattern, indicating possible consolidation.
- Market volatility has decreased, with traders awaiting clearer signals for direction.
Price Action
During the peak sell-off between 15:00 and 16:00, nearly 700 million DOGE units were traded as prices fell below support. Buyers entered around $0.164, pushing DOGE to a range of $0.168 to $0.171. Later trading showed stabilization above $0.170, with a brief bullish spike to $0.1719 before retreating.
Technical Analysis Recap
- DOGE declined 6.7% from $0.176 to $0.164 before finding support.
- Volume peaked at approximately 700M during the sharp sell-off.
- Support established at $0.164, followed by consolidation between $0.168 and $0.171.
- A bullish push reached $0.1719 but was quickly rejected.
- Trading volume decreased significantly, with most candles under 3M.
- A descending triangle pattern emerged, with resistance at $0.171 and support at $0.1705.