Quick Summary
The price of Dogecoin decreased by 0.76% over 24 hours, reflecting a general weakness in the cryptocurrency market, uncertainty regarding the approval of ETF funds, and a technical price decline.
Widespread selling in the market: Bitcoin dominance rises to 65% and profit-taking before Federal Reserve decisions.
Delays in ETF funds: Bitwise's amendment to the DOGE ETF request indicates progress but does not guarantee approval.
Technical weakness: broke the support level at $0.16 and negative technical indicators.
Detailed Analysis
1. Market Dynamics
The market capitalization of cryptocurrencies decreased by 2.6% to $3.39 trillion over 24 hours (CoinGecko), with Bitcoin dominance rising to 65%, its highest level since May 2025. This shift towards risk reduction has affected altcoins more significantly:
The meme coin sector fell by 3.91%
Dogecoin's performance was below Bitcoin (-0.4%) with a drop of 2.31%
Strong correlation (0.89) between DOGE and BTC over the past week
Traders are scaling back their positions ahead of the Federal Reserve's interest rate decision today and the expiration of $17 billion in cryptocurrency options, creating pressure on the entire sector.
2. Technical Context
The price of DOGE fell below the pivotal support point at $0.162 (analysis from June 27 UTC), entering the demand zone between $0.142 and $0.16 where it has been trading since June 24:
The Relative Strength Index (RSI-7) at 36.56 indicates an oversold condition.
A MACD indicator chart shows a decrease in bearish momentum (+0.000197)
Critical Fibonacci support at $0.1617 (78.6% retracement)
The 50-day moving average at $0.199 now acts as resistance, which is 23% higher than current prices.
Summary
The decline in Dogecoin reflects a shift in liquidity towards Bitcoin, a delay in ETF fund catalysts, and a failure of technical support, although the oversold condition suggests limited potential for further declines in the near term.
Will the potential approval of a DOGE ETF overshadow the weakness in meme coin market sentiment?
