Dogecoin: What's Next for the Meme Coin?

Dogecoin, the popular meme coin, is currently trading around 26 cents. Its price movement is being closely watched as traders anticipate the Federal Reserve's upcoming interest rate decision. This decision is expected to have a significant impact on the cryptocurrency market, including Dogecoin. A well-known analyst recently shared insights on Dogecoin's performance. They noted that Dogecoin has tested the upper limit of its rising channel and the golden pocket three times this year. The coin is currently within this golden pocket, with a key support level at $0. 2616, which aligns with the 0. 618 Fibonacci level. The analyst predicts that Dogecoin will likely trade sideways until the Federal Open Market Committee (FOMC) announcement on Wednesday. This announcement is crucial as it will provide guidance on the Fed's policy for the rest of the year. Looking at the 4-hour chart, Dogecoin has immediate support levels at $0. 2616, $0. 2586, and $0. 2546. Broader support ranges from $0. 2455 to $0. 2272, covering major moving averages and additional Fibonacci retracement levels. Despite being one of the stronger performers recently, the analyst expects muted price action until the Fed's plans for the fourth quarter are clarified. Another trader, known as Astronomer, has been successful with Dogecoin trades. They attribute their success to simple 1:1 risk-to-reward strategies. They argue that focusing on bullish altcoins late in a market cycle, entering trades near trend supports, and using conservative targets can lead to compounding gains. Recent data from Glassnode shows a significant spike in Dogecoin exchange inflows between September 7 and September 15. During this period, 4. 96 billion DOGE, valued at $1. 29 billion, were moved, indicating strong retail selling pressure. However, whales accumulated 890 million DOGE worth $231 million in just a few days, suggesting that the broader market trend remains strong. These movements coincide with the upcoming launch of the REX-Osprey Dogecoin ETF, which is set to debut this week.