Key Insights
- Dogecoin rose 7.47% to $0.20, marking its third day of gains as broader cryptocurrencies remained in the green.
- Analysts suggested Dogecoin could surge up to 300% if it breaks key resistance near $0.29, $0.45, and $0.86.
- Market sentiment improved ahead of the Federal Reserve’s payments conference expected to offer policy clues.
Dogecoin continued its upward momentum on Monday, rising 7.47% to trade at $0.20. The popular cryptocurrency extended its recovery for the third consecutive session, gaining strength after rebounding from its October 17 low of $0.175. The broader crypto market also traded in positive territory, supported by investor optimism and anticipation of macroeconomic signals from the U.S. Federal Reserve.
Investors are closely watching the Federal Reserve’s upcoming payments conference scheduled for October 21 in Washington. Market participants expect the event to provide insight into potential shifts in monetary policy that could influence digital asset prices. The Fed has remained a significant driver of crypto market sentiment over the past month, with traders reacting swiftly to policy-related updates.
Technical Levels Shape Dogecoin’s Next Move
Dogecoin’s price recovery has sparked renewed optimism among traders. The digital asset briefly touched $0.202 earlier in the day, signaling continued buying pressure. Analysts noted that key resistance levels stand at $0.207 and $0.236, corresponding to the 200-day and 50-day moving averages. A break above these points could lead to further gains toward $0.27 and $0.29.
Crypto analyst Ali highlighted in a recent post that Dogecoin had bounced off its channel support, suggesting the possibility of a strong bullish phase. The analyst identified three potential upside targets: $0.29, $0.45, and $0.86. A sustained move toward the highest target would represent an approximate 300% increase from current levels.
While the short-term outlook appears positive, traders are also monitoring downside risks. Key support remains at $0.175, followed by $0.15 if selling pressure intensifies. Market participants expect these levels to play an essential role in maintaining Dogecoin’s current recovery trend.
