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Dogecoin rallies to a halt after price drops below key support

Meme tokens surged in the beginning of the week because of risk-on sentiment Dogecoin has cleared resistance at $0. 072 but is now crashing below Projected Fed action could have contributed to the recent decline Meme currencies started the week high as market risk-on sentiment gripped markets. Dogecoin DOGE/USD reached $0. 0913 was the first…

  • Meme tokens surged in the beginning of the week because of risk-on sentiment

  • Dogecoin has cleared resistance at $0. 072 but is now crashing below

  • Projected Fed action could have contributed to the recent decline

Meme currencies started the week high as market risk-on sentiment gripped markets. Dogecoin DOGE/USD reached $0. 0913 was the first time since May that the token had crossed the $0. The token had cleared the $0. 072 resistance and turned it into support.

The gains in DOGE highlight investors’ desire to invest in risky assets when there is even the slightest hint of good news. Data showed that most cryptocurrencies had seen a cooling in inflation last week. This could have attracted buyers of meme tokens. SHIB and DOGE were the top gainers in the first week.

However, this week’s Fed report spooked markets with officials pointing to further rate increases. These developments could have prompted a sell-off of DOGE. If bulls don’t stop the bear momentum, the token will be subject to a further slump.

Dogecoin crashes to below $0. 072 support as sentiment weakens

Source – TradingView

The technical outlook shows that DOGE has exceeded the 0. 072 support and 21-day MA. The token is about to break below the 50-day MA. Although the MACD line is still above the moving average but momentum is decreasing, it remains well above the MA.

While we are unable to confirm the bearish momentum right now, DOGE is still vulnerable. The token could slip further and touch the $0. 06 support. Investors should consider buying if the token successfully recaptures $0.072.

Concluding thoughts

Dogecoin has turned bearish following a meme-inspired rally. The current weakness could be due to profit-taking and investor apprehension regarding the Fed decision. DOGE will turn bullish if the token reclaims the $0.072. Otherwise, expect the price to fall further to $0.06.

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