Dogecoin surges 12% pre-FOMC: Is $0.33 next?
Dogecoin’s latest rebound resembled bounces witnessed in mid-2023, raising the odds of a rally toward $0.33 in the coming weeks. The meme-inspired cryptocurrency surged 12% ahead of the Federal Reserve’s Federal Open Market Committee meeting, outperforming many major digital assets.
Pre-FOMC Rally Details
Dogecoin jumped from around $0.28 to over $0.31 in the past 24 hours, according to data from CoinGecko. The move coincided with a broader crypto market uptick, though DOGE led gains among top coins. Bitcoin rose 2.5% to $64,500, while Ethereum added 1.8% to $3,150.
Traders attribute the rally to speculative positioning before the FOMC decision, as markets anticipate potential rate cuts. Dogecoin’s price action mirrored patterns from mid-2023, when similar bounces preceded sustained rallies. Analysts note that DOGE often reacts strongly to macro catalysts due to its high retail trader base.
Technical Outlook for $0.33
From a technical perspective, Dogecoin’s breakout above $0.30 resistance is a bullish signal. The next key level is $0.33, a zone that acted as resistance in late 2023. If DOGE closes above $0.33 on daily timeframes, it could open the path toward $0.40.
However, failure to hold above $0.30 might lead to a retest of support at $0.26. The relative strength index is currently at 68, nearing overbought territory, which suggests caution for short-term traders.
Market participants will watch the FOMC outcome closely. A dovish stance could fuel further gains for Dogecoin, while hawkish surprises may trigger profit-taking.
Summary
Dogecoin’s 12% pre-FOMC rally echoes mid-2023 patterns, with $0.33 as the next key target. The cryptocurrency’s strong retail following and technical breakout support further upside, though traders should monitor FOMC risks. A sustained move above $0.33 could confirm a bullish trend toward $0.40.
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