Dogecoin Faces Bearish Pressure After Federal Reserve Rate Decision
- Dogecoin (DOGE) declined by 5% following the Federal Reserve’s decision to cut rates by 25 basis points.
- Trading volume surged to approximately 769.4 million tokens during the decline, indicating active distribution.
- DOGE broke below the key support level of $0.1310, which had previously acted as a consolidation zone.
- The price reached a session low of $0.1266 before rebounding slightly to close at around $0.1291.
- Immediate resistance is now noted in the $0.1310–$0.1315 range, while support is at $0.1290.
The recent rate cut and mixed signals from policymakers have dampened risk appetite across digital assets, leading to increased selling pressure on Dogecoin. The breakdown below critical support suggests a shift into a corrective phase for DOGE unless it can reclaim that level convincingly.
With DOGE trading below the key resistance area of $0.1315 and facing potential further declines, traders should monitor volume behavior closely for signs of exhaustion in selling pressure.(Source)
