Dogecoin’s price surged by 21%, climbing from $0.096 to $0.117, amid a significant increase in trading volume, which jumped 191% to $2.87 billion. This price rally marks a continuation of Dogecoin’s recovery from a low of $0.09 on February 12, with the cryptocurrency experiencing three consecutive days of gains. The price increase is supported by a broader market recovery, driven by a favorable Consumer Price Index report that has raised expectations of potential interest rate cuts by the Federal Reserve.
Additionally, a “golden cross” pattern on Dogecoin’s hourly chart, where the 50-period moving average crosses above the 200-period moving average, signals a positive short-term trend. Dogecoin faces resistance at $0.117, with potential targets at $0.122 and $0.16 if the upward momentum continues. The rise in open interest by 25% to $1.31 billion indicates growing investor confidence in Dogecoin’s price trajectory.
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