Dogecoin (DOGE) Hits Make or Break Level Amid 7% Price Drop

Key Points

1. Dogecoin fell 6.53% in the last 24 hours to $0.247, aligning with a broader market downturn that saw $508 million in crypto positions liquidated.

2. The coin reached highs of $0.288 on Monday but is now testing critical support levels, including the four-hour daily SMA 50 at $0.2399.

3. If Dogecoin fails to stay above $0.2399, it risks falling below $0.19 or the four-hour daily SMA 200, which could lead to further declines.

4. The market downturn is partly attributed to profit-taking and anticipation of the U.S. Federal Reserve's July 30 meeting.

5. Dogecoin's recent performance is influenced by broader market trends, including liquidations and macroeconomic factors.