Dogecoin slides on Fed hawkishness as traders watch key support level

Dogecoin fell 3.3% in 24 hours to about $0.0834 after the U.S. Federal Reserve signaled a higher‑for‑longer interest‑rate outlook, prompting a broader crypto market sell‑off that shaved roughly 2.5% off total market capitalisation. The drop also triggered close to $30 million in forced liquidations of leveraged Dogecoin positions, with short contracts being liquidated more than longs.

Technical analysts note that the meme coin is now testing a critical support zone between $0.081 and $0.084, a level that coincides with a multi‑year ascending trendline and a hidden bullish divergence. If the support holds, they argue Dogecoin could spend months accumulating before a larger rally, while a breach would likely invalidate the bullish case and deepen the downside.