Over 12% Dogecoin Drop. Will today’s FOMC Meeting revive meme crypto or continue its decline?

Dogecoin (DOGE) has been the clear leader in a cryptocurrency market beset by extreme volatility, bearish runs, and uncertainty. This meme-inspired digital asset, which was first developed as a satirical take on the cryptocurrency industry, has grown into a powerful participant and is regularly ranked among the top cryptocurrencies by market capitalization. However, as of late, DOGE has been caught in a strong bear trend.

Over 12% Dogecoin Drop. Will today's FOMC Meeting revive meme crypto or continue its decline
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With a market valuation of $17.9 billion as of right now, Dogecoin is ranked eighth among all cryptocurrencies. The last several weeks have seen a crimson tint applied to the majority of cryptocurrencies. As of this writing, Dogecoin has drastically declined over the last seven days—by over 23%—and over 40% over the previous thirty days.

It is anticipated that the Federal Open Market Committee (FOMC) meeting, which is set for today, May 1, will offer important direction regarding the direction of the economy and future rate reductions. This might act as a spark, pushing the cryptocurrency market—including Dogecoin—into the next stage, which might involve either a sharp rebound and upswing or a further decline.

Dogecoin Dwwn
DOGE Price Chart: TradingView

Dogecoin’s trading volume has increased significantly over the last day, reaching a 74% increase, despite the market turbulence. This strong liquidity demonstrates the persistent interest of traders and investors in the coin as well as its ongoing appeal.

Technical Analysis of DOGE

Dogecoin has shown a very bearish trend over the past four weeks, falling more than 39% in the last thirty days. The token has been moving towards a critical bullish flag support level since it met bullish flag resistance on March 28 and reached a high of $0.22888. On April 28, the token suddenly broke past this level and closed below the support. Everyone is wondering when Dogecoin will be able to bounce back.

Dogecoin DOwn Today
DOGEUSD 4-Hour Chart : TradingView

The price has also broken below the previous low of 0.13027 on the 4-hour chart, and it is currently in position to test the next level, which is in the vicinity of 0.12253. There is a significant fair value difference below these levels, which may also serve as a magnet to draw the market price down and possibly fill it. Due to today’s significant sell-off, DOGE’s Relative Strength Index (RSI) rating is 23, which indicates an extreme oversold condition and strong negative momentum. Given that it is in oversold territory, DOGE may find support shortly and move higher before we have a clear indication as to whether the trend will continue or whether there will be a recovery following today’s FOMC meeting.

Leading cryptocurrency analysts are optimistic about Dogecoin’s future despite the recent setbacks. Because of its persistent positive tendency, several experts predict that DOGE may hit $0.50 this summer and maybe reach a new all-time high of $0.70. Predictive models project that Dogecoin’s price will increase steadily going forward, reaching an average of more than $1 in 2026.

The general market pessimism, however, presents a serious risk of more declines. In such case, Dogecoin might find support at the present $0.13 level, but a decline below the fair value gap’s $0.10 zone might result in extremely negative circumstances.

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