Crypto investors are rejoicing as the ongoing rallies continue and institutional demand strengthens. The price of DOGE is also starting to rise again. We are usually accustomed to negative markets before Fed meetings, but this time the situation is different. We may see the direction determined by tomorrow’s announcements and the data that will be released until the end of Friday.
Dogecoin Price Forecast
The DOGE price has surpassed the resistance line and the recovery continues. The breakthrough of the critical $0.06 region has made the previous decline just a deviation. However, it is too early to celebrate because stronger closings are needed. The RSI readings on the daily chart show an upward trend and continue to increase.
Dogecoin (DOGE) recently faced rejection at the 0.0734 dollar level, which is the 0.618 Fib retracement resistance level. If we are to see an acceleration in price growth, there is a need for this region to be regained in the coming days. We can see that the price tested this area with the positivity of BTC in the past week.
If the second resistance area is also regained, we can expect an increase of around 20% towards the July peak of $0.083. So, what will happen in the opposite scenario? If the DOGE price closes below the temporary support area of $0.066, it may drop to $0.06.
The largest meme coin was trying to gather demand to surpass the next resistance level at $0.07.
Crypto Market Update
The cumulative volume is recovering at levels of $25 billion and has returned to the threshold of $40 billion. The total value of cryptocurrencies has jumped to $1.28 trillion. Targeting the short-term regions of $1.35 trillion and $1.5 trillion is not impossible considering the demand in BTC. The king cryptocurrency is trying to solidify the $34,500 region.
Altcoins like AR, RUNE, BTT, and ATOM continue with double-digit gains, while RNDR, AAVE, MINA, and AXS Coin turned red. The interest rate decision tomorrow and the macro data to be announced in the following days will subject the markets to a major test. If employment and wage growth data exceed expectations and cryptocurrencies continue to disregard them, the expectation that the bear markets have come to an end may strengthen even further.
