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Dogecoin’s latest rebound mirrored bounces seen in mid-2023 and has increased the odds of a rally toward $0.33 in the coming weeks. On Wednesday, DOGE rose as much as 12% and led a broader relief move across global risk markets ahead of the U.S. Federal Reserve decision on interest rate cuts.
Dogecoin gained up to 14% to an intraday high of $0.112 on Wednesday, up from a low of $0.097. The move also outpaced the wider crypto market.
Derivatives interest strengthened alongside the price. Dogecoin open interest (OI) increased 25% over 24 hours to $1.74 billion, and rose 46% over the last two weeks, signaling a return of derivatives traders. The rise in futures OI alongside price is generally viewed as bullish because it can support liquidity and attract additional trading capital.
Dogecoin’s rally came ahead of the Federal Open Market Committee (FOMC) meeting on Wednesday. Market participants were pricing in a 100% chance that interest rates would be left unchanged at 3.50%–3.75%.
In prior FOMC-linked periods, DOGE often moved higher in the days leading up to the meeting, followed by mostly negative returns afterward. The article also noted that earlier corrections tied to FOMC events have coincided with sharp deleveraging phases. One example cited was March, when a 15% DOGE price drop was accompanied by a $890 million decline in futures OI and $30 million in total Dogecoin liquidations.
The article described DOGE/USD as following a technical pattern similar to a 2023 fractal in which Dogecoin gained 300%. It said the weekly chart shows the price bouncing off an ascending trend line that has supported it since mid-2022. A bullish cross from the moving average convergence divergence (MACD) indicator was also cited as confirming the bottom.
According to the same 2023-style framework, if the pattern repeats, DOGE could rally by more than 300% toward $0.33 over the next few weeks. The article added that further confirmation of a trend reversal depends on DOGE/USD crossing the $0.10–$0.11 resistance zone.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
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