Written by Nancy Lubale, Staff Writer. Reviewed by Allen Scott, Staff Editor. Dogecoin leads pre-FOMC rally with 12% gains: Is DOGE price headed to $0.33?
Dogecoin’s latest rebound resembled bounces witnessed in mid-2023, raising the odds of a rally toward $0.33 in the coming weeks.
Dogecoin (DOGE) gained as much as 12% on Wednesday, leading gains in a broader relief rally across global risk markets ahead of the US Federal Reserve decision on interest rate cuts.
Key takeaways:
- Dogecoin rallied up to 14% to $0.112 on Wednesday, outperforming the wider crypto market.
- Dogecoin open interest jumped 25% in 24 hours to $1.74B, signaling growing derivatives interest and institutional participation.
- A 2023-style fractal suggests DOGE price could rally 300% in the coming weeks.
Dogecoin open interest surges 25%
DOGE rose as much as 14% to an intraday high of $0.112 on Wednesday from a low of $0.097, outperforming the broader crypto market.
Related: Price predictions 4/24: BTC, ETH, XRP, BNB, SOL, DOGE, HYPE, ADA, BCH, XMR
Dogecoin’s rally was fueled by several factors, including the launch of 21Shares’ physically-backed Dogecoin exchange-traded product (ETP) on Xetra, Germany’s leading electronic trading platform.
Source: X/21Shares
The memecoin’s open interest (OI) surged 25% over the last 24 hours and 46% over the last two weeks to $1.74 billion on Wednesday, signaling the return of derivatives traders.
Futures OI increasing alongside the price indicates a growing interest from institutional investors, which is generally seen as bullish, as it tends to increase liquidity and attract more trading capital.
DOGE OI across all exchanges. Source: Glassnode
Dogecoin’s rally also comes ahead of Federal Open Market Committee (FOMC) meeting on Wednesday, with market participants pricing in a 100% chance that interest rates will be left unchanged at 3.50%-3.75%.
DOGE’s reaction to FOMC rate cut decisions in 2025 and 2026 shows a clear pattern. The price often moved higher in the days leading up to the meeting, followed by mostly negative returns thereafter, as illustrated in the chart.
DOGE/USD daily chart. Source: Cointelegraph/TradingView
Previous FOMC-linked corrections have coincided with sharp deleveraging phases, last seen in March, when a 15% DOGE price drop was accompanied by a $890 million decline in futures OI and $30 million in total Dogecoin liquidations.
DOGE’s 2023 fractal projects 300% price rally
The DOGE/USD pair is currently displaying a technical pattern that follows a 2023 fractal, in which Dogecoin gained 300%. The weekly chart shows the price bouncing off an ascending trend line that has supported it since mid-2022.
A bullish cross from the moving average convergence divergence (MACD) indicator also confirmed the price bottom.
DOGE/USD weekly chart. Source: Cointelegraph/TradingView
Dogecoin’s current price action is following a similar pattern, again bouncing off the same structural support and a confirmed bullish MACD crossover.
Dogecoin’s “weekly chart looks clean: bottom looks in, structure is holding,” analyst Trader Tardigrade said in a recent post on X, adding that the “next leg could send” the DOGE/USD pair to $1.
If history repeats itself, DOGE price may rally by more than 300% toward $0.33 over the next few weeks.
As Cointelegraph reported, further confirmation of a trend reversal now hinges on the DOGE/USD pair crossing the key $0.10-$0.11 resistance zone.