What happened?
Dogecoin has found strong support around the $0.21 mark, which may serve as a launchpad for its next surge. The meme coin often sees sharp rebounds from this price level. September brings potential catalysts that could change the previous cap of $0.245 on upward trends.
Who does this affect?
This primarily affects Dogecoin investors and those invested in altcoins or cryptocurrencies in general. Speculations about upcoming U.S. interest rate cuts, which might stimulate new demand for risk assets like cryptocurrencies, could also impact markets broadly.
Why does this matter?
The market impact of these developments could be significant. If momentum holds, Dogecoin might break above the pennant’s upper resistance, with a fully realized breakout potentially marking a 75% gain from current levels. Furthermore, a potential rate cut this month could extend this rally, pushing Dogecoin closer to its late 2024 peak of $0.49.