Market Alert: DOGE Plummets Following White House Crypto Summit
Dogecoin (DOGE) has experienced a dramatic 12% price crash in the past 24 hours, with the leading meme cryptocurrency facing significant bearish pressure following the highly anticipated White House Crypto Summit. The price decline has sent shockwaves through the crypto community, with analysts closely watching critical support levels that could determine DOGE’s next major move.
Key Factors Behind the Crash
- White House Summit Disappointment: The first-ever crypto summit failed to meet investor expectations, triggering a wave of sell-offs
- Macro Headwinds: Trump’s international tariffs and ongoing trade tensions with Canada and Mexico
- Fed Policy: Jerome Powell’s hawkish stance on interest rates maintaining pressure on risk assets
Technical Analysis and Market Outlook
According to prominent crypto analyst Ali Martinez, DOGE is approaching a crucial support level at $0.16, representing the lower boundary of an ascending channel. A successful defense of this level could potentially trigger a significant rebound, with some analysts projecting ambitious targets as high as $2.74.
On-Chain Metrics Show Mixed Signals
Bullish Indicators:
- 270% surge in active DOGE addresses (71,750 to 264,000)
- Whale accumulation of 1.7 billion DOGE in 72 hours
Market Implications and Future Outlook
Despite the current downturn, institutional interest in DOGE remains strong, particularly following Trump’s Strategic Bitcoin Reserve initiative. The market will be closely monitoring the $0.16-$0.17 support zone, as a breach below these levels could trigger further selling pressure.
Traders should remain cautious in the current market environment, with multiple macro factors at play. The combination of trade tensions, monetary policy uncertainty, and evolving regulatory landscape continues to impact crypto market sentiment.
Source: Bitcoinist