Dogecoin (DOGE) dipped over 25% amid a major market correction over the past few days. The price of Dogecoin dropped to $0.34 post trading in the $0.40 range and analysts suggest that it may fall even further to near $0.22, a key support level.
Moreover, the cryptocurrency market crashed following the FOMC meeting held on December 19. According to reports, Federal Reserve cut interest rates by 25 basis points while Fed Chair Jerome Powell’s warnings about no rate cuts in 2025 and restrictions on buying Bitcoin (BTC) Weakened investor confidence.
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On the other hand, Tardigrade’s analysis suggests Dogecoin follows a similar chart pattern to its 2020 and 2021 bull runs, which says “the memecoin existed in a double bottom formation with a breakout to the descending channel for massive gains.”
Moreover, the current market activity is much similar and a breakout is on the verge of occurance. So, there a big chance Dogecoin create massive green candles in the following weeks, impacting its value to surge in the crypto market.
Trader Tardigrade took to the platform X and wrote, “#Dogecoin next pump is ready. $Doge repeats the same price action.”
