DOGE Tests $0.18 Support as Fed Rate Cut Uncertainty Triggers 8% Weekly Decline

Dogecoin Plunges 8% Amid Fed's Hawkish Stance, Testing Critical $0.18 Support The cryptocurrency market faced a significant sell-off this week, with Dogecoin (DOGE) leading the charge with an 8% weekly decline. The meme-inspired token, once hailed as a lighthearted alternative to Bitcoin, is now grappling with the fallout from the Federal Reserve's hawkish monetary policy.

According to the report, Dogecoin plummeted to around $0.18 after Federal Reserve Chair Jerome Powell's recent comments sparked a broader crypto market selloff. This sharp decline came amidst a surge in DOGE trading volume, reaching a staggering $2 billion, as investors grappled with the implications of the Fed's stance on interest rates.

The report paints a grim picture for Dogecoin holders, with the token testing a critical support level that, if breached, could spell further trouble for the cryptocurrency. The uncertainty surrounding the Fed's future actions has weighed heavily on the crypto market, with Dogecoin feeling the brunt of the sell-off.

For cryptocurrency enthusiasts and investors, this development serves as a stark reminder of the volatility inherent in the digital asset landscape. As the Fed continues to navigate the complexities of monetary policy, the ripple effects are being felt across the crypto sphere, with Dogecoin's recent performance underscoring the need for cautious and informed investment decisions.

The report's negative sentiment highlights the challenges faced by the Dogecoin community as they navigate the turbulent waters of the current market conditions. Investors and crypto fans alike will be closely watching the token's price action in the coming weeks, as the future direction of Dogecoin remains uncertain in the face of the Fed's hawkish posture.