Dogecoin Price Shows Potential for Recovery Ahead of FOMC Meeting
Bitcoin has reclaimed the $100,000 mark while the Crypto Fear Index remains neutral at 53. Increased volatility has negatively impacted the meme coin market, with Dogecoin experiencing an 11% decline over the past week.
- Dogecoin's market cap is now $93.5 billion, with its value at $0.33229.
- A short-term V-shift reversal is observed from the $0.30 level, supported by bullish divergence in the RSI.
- Key resistance levels include the $0.33 Fibonacci level and potential upside targets at $0.66443.
Market Insights
- The upcoming FOMC meeting may influence Dogecoin's price, as historical trends show significant price movements following similar events.
- In January 2021, when rates were kept unchanged, Dogecoin prices surged significantly shortly after.
- Current open interest for Dogecoin approaches $4 billion, with a long-to-short ratio of 0.9455 indicating increased bullish sentiment.
If the support at $0.33 holds, DOGE could test higher Fibonacci levels and aim to reclaim the $1 mark.