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▲ Dogecoin (DOGE)/AI-generated image ©
As a tailwind blows across the entire cryptocurrency market ahead of the US macro policy announcement, Dogecoin is preparing to break through major resistance levels, accompanied by an explosive increase in spot trading volume.
According to CoinMarketCap, a cryptocurrency market data aggregator, on September 15 (local time), Dogecoin (DOGE) is trading at $0.0845, up 1.68% from 24 hours ago. While the total cryptocurrency market capitalization increased by 2.03% to $2.68 trillion, Dogecoin is also faithfully following the market-wide beta rally, tied to macroeconomic and institutional issues rather than individual prominent positive news.
The key factor driving this rebound is the market's anticipation regarding major regulatory and monetary policies. According to major media outlets such as TokenPost, optimism spread throughout the market ahead of the US Senate's vote to end debate on the US cryptocurrency market structure bill, the CLARITY Act, and the US Federal Reserve's (Fed) benchmark interest rate decision scheduled for September 16. With risks of monetary tightening, such as potential interest rate hikes, largely priced into the market, traders' buying positions flowed in, anticipating the resolution of policy uncertainties.
Improved technical indicators and speculative fervor in the derivatives market also strongly supported the upward momentum. The 24-hour spot trading volume surged by 120.48% to $787.66 million, confirming large-scale buying participation, and the Moving Average Convergence Divergence (MACD) histogram on the 4-hour chart turned positive, alleviating downward pressure. Simultaneously, derivatives trading volume surged by 65%, indicating traders' market confidence and active participation with limited leverage burden.
The short-term market outlook will be determined by whether Dogecoin firmly establishes the $0.084 support level and by policy variables. If Dogecoin successfully defends the $0.084 support level, it could test the $0.093 resistance level, and if it closes above the $0.09 mark, an additional upward path to $0.095 opens up. Conversely, if volatility expands due to the Senate vote or Fed announcement and the $0.079 support level breaks, there remains a risk of retreating to $0.075.
*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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