Dogecoin saw slight selling pressure alongside the general crypto market as investors digested the news of a 0.75 percentage point rate hike. At the time of publication, Dogecoin was changing hands at $0.0593, up 3.32% daily. In a widely anticipated move, the Federal Reserve increased interest rates by 75 basis points (0.75% point) on Wednesday, making it the third time in a row that central bankers have chosen to do so this year. This decision increased the market’s headwinds for cryptocurrencies. Neobank Revolut has increased the number of cryptocurrency investing instruments available to users by partnering with Apex Crypto to introduce 29 additional crypto assets including Dogecoin for U.S users. This is a part of a larger effort to provide crypto services to its US customers, including upcoming plans for staking tokens and crypto deposits and withdrawals.
Key Levels
Resistance Levels: $0.0916, $0.0750, $0.0650
Support Levels: $0.0570, $0.0500, $0.0300
DOGE/USD Daily ChartDOGE/USD is anticipated to maintain support at the level of $0.0570; however, a break could cause it to fall through to the next support level at $0.0500. The daily moving average (MA 50) and the level at $0.0665 are where the pair is anticipated to encounter its first resistance; a breakthrough could lead to the level at $0.0750.
The initial rebound from the level at $0.0500 is seen as a corrective scenario in the long term. However, a retracement of the level from $0.0570 to $0.0500 at $0.0590 might limit the upside. Although a sustained break of the level at $0.0750 could change this bearish pattern and further the correction’s advance.
DOGE/USD 4-Hour ChartThe DOGE/USD’s intraday bias is currently slightly downward, and it is currently trading near its medium-term price zone at $0.0593. As of right now, the most recent corrective rebound on the 4-hour chart from the level at $0.0561 is anticipated to continue to the key level at $0.0650. The level at the $0.0570 low may be tested once more as a result of further dropping.
A larger downtrend towards the level around $0.0500 may resume in the meantime if that area is broken. The meme coin pair exhibits weakness in the near term as it may change its intraday bias neutrality below its near-term resistance on the level at $0.0600. (as per its medium-term downtrend).
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