Altcoin market saw positive movement with hopes of a favorable Fed meeting outcome.
In recent trading, Dogecoin $0.000311 has captured notable attention by witnessing a 7% gain over the past 24 hours, reaching above the $0.23 threshold. The daily trading volume of this popular memecoin surged by 148%, hitting $2.83 billion. On a weekly scale, Dogecoin appreciated over 10%, recovering from $0.205, making it a focal point of investor interest.
ContentsStrong Prospects for Dogecoin ETF ApprovalAltcoin Surge Gains Strength Strong Prospects for Dogecoin ETF Approval
Over the weekend, Dogecoin’s daily trading volume experienced a 125% increase. Market buzz suggests the potential approval of the Dogecoin ETF prepared by Rex-Osprey could occur this week. Analysts have adjusted their price targets for this memecoin to $1 and above, hinting at future possibilities.
Currently, Dogecoin is moving within an expanding wedge formation. On the long-term chart, the price is approaching the logarithmic trendline and is estimated to have an additional upward potential of up to 740% in the current cycle. If the trend holds, the next technical target is cited as $1.40.
According to Polymarket data, the likelihood of approving a spot ETF for Dogecoin once soared to 94%. At the time of reporting, this probability was at 92%. Nate Geraci, President of NovaDius Wealth Management, remarked on his X account that the Rex-Osprey DOGE ETF could receive approval and commence operations this week.
Altcoin Surge Gains Strength
Dogecoin’s rise has sparked movement in the altcoin market. Recently, altcoins like XRP, Solana $207 (SOL), and Hyperliquid (HYPE) have experienced increases. One of the prominent factors includes the expectation of a 50-basis-point interest rate cut in the upcoming Fed meeting on September 17, even though the probability is only 10%.
The possibility of a shift in the Fed’s monetary policy has brought attention to capital inflow in the altcoin market. These developments are seen among the data suggesting that the long-anticipated altcoin season might be regaining strength.
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