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The crypto market was slightly higher on Wednesday as investors awaited the Federal Reserve’s interest rate decision. Investors are anticipating the Fed’s monetary policy decision on Wednesday, which will be released at 2:00 p.m. ET. Investors will also be watching Powell's speech following the decision for clues about future interest rate decisions and the status of the U.S. economy.
Ahead of the Fed's key rate decision, the majority of cryptocurrencies, including Dogecoin, were trading in green.
At press time, Dogecoin was up 3.94% in the last 24 hours to $0.1727. This price rebound has been accompanied by a slight uptick in trading volume in the same time frame.
According to CoinMarketCap data, Dogecoin has reached 4.42 billion DOGE in trading volumes or $766 million in monetary terms, representing a 15% increase in the last 24 hours.
What's next for Dogecoin price?
Dogecoin hit lows of $0.164 on May 6 after three consecutive days of dropping since the weekend, from where it reversed course. The drop caused Dogecoin to briefly drop below the daily SMA 50 at $0.169, above which it has consolidated since April 22, but the price has since returned above it.
While buyers have kept Dogecoin above the daily moving average of 50, they have failed to initiate a major rally.
The RSI at the midpoint suggests that Dogecoin may continue to trade in the $0.21 to $0.14 range for some time.
If the price rises above the daily moving average of 50, the bulls will attempt to push Dogecoin to $0.21. Sellers are anticipated to actively defend the level, but if the bulls win, Dogecoin could soar to $0.2644, which corresponds to the daily SMA 200. A break below the daily moving average of 50, on the other hand, might send Dogecoin tumbling to its solid support level of $0.14.
Vladislav Sopov