Dogecoin's Value Skyrockets to 4.42 Billion in Hours: Predicting Future Dogecoin Prices
In a crypto market on edge, anticipating the Feds' rate decision, Dogecoin (DOGE) stood tall on Wednesday, inching closer to the $0.18 mark. With the Fed's monetary policy decision scheduled for 2:00 p.m. ET, folks were keeping a keen eye on Powell's speech for hints about future rate decisions and the economy's status.
After a brief tumble on May 6, Dogecoin bounced back, climbing an impressive 3.94% at press time, to $0.1727. Trading volumes grew by 15%, reaching $766 million.
Brace yourselves, Dogecoin enthusiasts! According to CoinMarketCap, the daily trading volume is an astounding 4.42 billion DOGE, equating to an impressive sum of $766 million.
Where does the DOGE coin heading?
Dogecoin took a nose-dive to $0.164 on May 6, following three days of consecutive losses post-weekend. This dip even momentarily pushed DOGE beneath the daily SMA 50 at $0.169, a level it had consolidated since April 22. Surprisingly, buyers have managed to keep DOGE above this benchmark since.
However, a powerful rally has yet to emerge. The RSI, currently hovering around the midpoint, hints that DOGE might continue trade within the $0.21 to $0.14 range for some time.
If DOGE manages to surge above the SMA 50, the bulls will aim for $0.21. Defending $0.21 will be no piece of cake, with sellers expected to fiercely contest the level. If the bulls prevail, DOGE could skyrocket to $0.2644, which corresponds to the daily SMA 200. Conversely, a loss of the SMA 50 might send DOGE sliding back to its robust support at $0.14.
Stay tuned as DOGE navigates the choppy crypto waters ahead!
- In the midst of a volatile crypto market, investors are keenly anticipating the Fed's decision on interest rates and Powell's speech for insights into future trends, with Dogecoin (DOGE) showing signs of an uptick.
- On Wednesday, Dogecoin succeeded in inching closer to the $0.18 mark, having surged an impressive 3.94% at press time, according to CoinMarketCap, with trading volumes reaching $766 million and growing by 15%.
- Despite a brief tumble on May 6, DOGE has shown some promise, managing to keep above the daily SMA 50 that it had consolidated since April 22.
- The tech-based crypto, Dogecoin, could potentially surge above the SMA 50, aiming for $0.21, but maintaining this level will be challenging due to strong resistance by sellers.
- Investors should stay well-informed as the DOGE coin navigates through the upcoming financial waters in the cryptocurrency market, where volatility remains a constant factor.
