Dogecoin saw a sharp surge toward the weekend as markets rose on optimism surrounding a potential rate cut in September.
The markets, including cryptocurrencies, rose in the aftermath of Fed Chair Jerome Powell’s much awaited speech at the annual Jackson Hole, Wyoming, symposium as traders increased their bets on the likelihood of a September rate cut after Powell said the “shifting balance of risks may warrant an adjustment of policy stance.”
Dogecoin surged from $0.208 to $0.242 on Friday, aligning with the broader market rise, which saw Ethereum hit a fresh all-time high in nearly four years.
At press time, Dogecoin was still sustaining its daily gains, up 11.17% in the last 24 hours to $0.235 and up 3% weekly. Dogecoin’s trading volume has increased 165% in the last 24 hours to $5.42 billion, as traders flock in to profit from the recent market volatility.
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Dogecoin has reclaimed the eighth spot in crypto rankings, with a current market capitalization of $35.52 billion, flipping Tron (TRX) to the ninth spot.
What’s next?
Analysts are eyeing the potential of an explosive move for Dogecoin in the days ahead. In a recent tweet, Kaleo, a crypto trader, wrote, “Still believe it’s only a matter of time before Dogecoin prints a god candle. Long overdue for an explosive move. The king of memes isn’t dead.”
Ali, a crypto analyst, highlights Dogecoin consolidating in a triangle with the potential for a 40% price move.
Dogecoin has now well surpassed the daily SMA 50 at $0.218 following Friday’s major move. Going forward, the dog coin would seek to flip this level into support to aim for $0.26 and $0.29 next.
If Dogecoin exits its current range between $0.14 and $0.26, a move to $0.4 and $0.48 might be on the table.