Dogecoin Jumps 61% in Volume as Market Awaits Crucial Catalyst

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News Crucial market catalyst awaited What's next for Dogecoin price? Advertisement Dogecoin has seen a 61% activity surge on spot exchanges as traders positioned ahead of one of the most consequential Federal Reserve decisions of the year. The crypto market rose ahead of this macro signal, with most coins, including Dogecoin, trading in green. Dogecoin rose at the start of the week; the dog coin started rising from a low of $0.134 on Dec. 7 to reach a high of $0.153, before easing. HOT Stories Strategy Might Sell Bitcoin, CEO Says Crypto Market Prediction: Ethereum (ETH), King of Altcoins, Is Back; Is XRP Ready for Price Jump? Shiba Inu (SHIB) Fails First Resistance Test BREAKING: Bitcoin (BTC) Price Reacts to Fed's Latest Rate Cut XRP and Bitcoin Get NYSE Listing, Shiba Inu (SHIB) Whale Activity Highest in Months, Ripple CTO Stunned by Solana — Crypto News Digest At press time, Dogecoin was up 3% in the last 24 hours to $0.145, demonstrating an increase in spot trading volumes as traders adjusted their positioning. Advertisement According to CoinMarketCap data, Dogecoin trading volume has increased by 61% in the last 24 hours, reaching $1.68 billion. Crucial market catalyst awaited Investors are keenly anticipating the Federal Reserve 's interest rate decision, with the crypto market now presenting mixed trading action as sentiment remains split. Reports indicate that sentiment remains split among FOMC members, with some in favor of a rate cut, while other policymakers think another cut could make inflation worse. Advertisement The Federal Open Market Committee is set to conclude its two-day meeting later today, and is widely expected to deliver an interest rate cut, and it is the final meeting of the year. Traders are currently pricing in approximately a 90% chance of a quarter percentage point cut to a range of 3.5%-3.75%, according to the CME FedWatch Tool. Investors will also monitor Fed Chair Jerome Powell’s post-meeting comments at his news conference for hints about future monetary policy decisions. What's next for Dogecoin price? Dogecoin rose for two days at a stretch from Dec. 8 to 9, as its price saw a relief rally after a slump in early December. The dog coin has traded in a range between $0.131 and $0.156 since Nov. 21. It will be watched next if Dogecoin breaks out from its current trading range, with a confirmed break above $0.156 required. Support is expected in the $0.13 range in the event of a drop. #Dogecoin News #Dogecoin #Dogecoin Price Prediction #Federal Reserve