Doge's price has been showing weakness, dropping by 6.5% in the last 24 hours. The current price has fallen to $0.247 (approximately 343 won), and the possibility of a market reversal is being raised as the recent short-term uptrend comes to a halt. This adjustment occurred amid the cryptocurrency market being shaken by weakened expectations of interest rate cuts, with approximately $508 million (about 705.7 billion won) being liquidated in the past day, causing significant losses for long position investors.
Doge had been on an upward trend last week due to ETF-related rumors and news of BitOrigin mining company's $500 million (about 695 billion won) reserve. It had rapidly risen to $0.288 (about 400 won), but is currently testing support at the 50-day simple moving average (SMA) on the 4-hour chart. If this level is breached, Doge risks falling to around $0.19 (about 264 won) or the 200 SMA line.
Another variable stimulating market sentiment was the passage of a stablecoin regulation bill in the United States. The 'GENIUS Act' recently came into effect, spreading temporary optimism across the market, but its impact was limited to a short-term rebound. The bill clearly defines stablecoins and is positively evaluated for inducing institutional stabilization in the digital asset market.
Meanwhile, cryptocurrency analyst 'Ali' diagnosed that if Doge maintains a price above $0.25 (about 348 won), it could potentially rise to $0.36 (about 500 won). This is expected to serve as a critical turning point depending on Doge's short-term trend adjustment.
Currently, the key point is whether Doge can defend its technical support line and find a breakthrough for a rebound, and the market is expected to explore additional direction based on the results of the US Federal Reserve meeting scheduled for late July. The meme coin market and Doge's short-term flow are forecast to be determined by the interaction of regulations, investment sentiment, and technical lines.
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