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▲ Dogecoin (DOGE)/AI-generated image ©
Dogecoin (DOGE) showed a steeper rise than Bitcoin, driven by easing concerns over US interest rate hikes and an increase in speculative trading.
According to CoinMarketCap, a cryptocurrency market data aggregator, on September 3 (local time), Dogecoin rose 8.55% over 24 hours to $0.0887, outperforming the broader cryptocurrency market's strength. Bitcoin (BTC) rose 5.37% during the same period, and Dogecoin was closely correlated with Bitcoin's movement.
A key factor triggering the surge was a change in expectations surrounding the US Federal Reserve's (Fed) monetary policy. Fed Governor Christopher Waller stated that he could support freezing the benchmark interest rate at the September meeting if future inflation data is positive. As interest rate hike concerns subsided, risk asset preference recovered, and the volatile Dogecoin saw its gains amplified. However, this rebound was more akin to a general market upturn due to an improved macroeconomic environment rather than its own specific positive news.
Speculative trading in the derivatives market and a technical breakout also contributed to the rise. Dogecoin's trading volume on Hyperliquid surged to approximately $34 million on September 2. The price broke through the key support range of $0.080-$0.082, and the Relative Strength Index (RSI) rose to 74.8, indicating strong buying momentum. However, as the RSI entered the overbought zone, the possibility of short-term profit-taking also increased.
The short-term trend depends on Bitcoin maintaining stability above $81,000 and Dogecoin holding support at $0.080. If both conditions are met, Dogecoin could retest its recent high of $0.095. Conversely, if the daily candle closes below $0.080, the breakout trend would be invalidated, potentially leading to a correction down to $0.075, where the 50-day Exponential Moving Average (EMA) is located.
The market is closely watching the US August Consumer Price Index (CPI) to be announced on September 11 and the Federal Reserve's monetary policy decision on September 15-16. SpaceX's DOGE-1 mission, scheduled for September 13, is also mentioned as a factor that could influence investor sentiment. As Dogecoin lacks clear intrinsic upward momentum, its ability to maintain its trend above $0.085 will depend on Bitcoin's stability and continued preference for risk assets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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