Key Highlights
- Dogecoin is targeting $0.093 after bouncing from an upward trendline.
- DOGE derivatives volume rose 81.86% to $1.27 billion, while open interest reached $1.26 billion.
- Traders are watching the CLARITY Act vote and FOMC decision for possible market volatility.
Dogecoin price was holding near $0.0848 on September 14 as traders watched for a possible move toward $0.093.
The move comes as DOGE’s four-hour chart shows repeated bounces from an upward trendline, while derivatives activity remains high. At the same time, the wider crypto market gained 1.32% to $2.65 trillion as traders waited for key events that could bring more movement.
According to data from CoinMarketCap as of 8:04 PM UTC, Bitcoin is currently trading over $79,000, while Ethereum stood around $2,532 and XRP reached $1.44.
The wider market was helped by stronger regulatory optimism, but attention is now turning to Tuesday’s vote on the CLARITY Act and Wednesday’s Federal Open Market Committee decision. Both events could bring higher price swings across the crypto market.
Dogecoin sets its sights on $0.093
For Dogecoin, the $0.093 level has become the main price target in the current setup. Crypto analyst Trader Tardigrade reached the target using DOGE’s four-hour market structure.
The price has bounced twice from the lower line of an upward-moving channel, showing that buyers have stepped in around that part of the chart.
An ascending channel is formed when price moves between two lines that both point upward. In DOGE’s current setup, the lower line has acted as support, while the upper line marks the next area where the price could face resistance. The analyst expects DOGE to move toward that upper line, which is around $0.093.
At the time of reporting, DOGE is trading for $0.0847, gaining about 1% according to TradingView. Some of the four-hour indicators also showed that the recent downward pressure had eased.
The MACD histogram moved slightly into positive territory at 0.00021. However, the main MACD line was still below zero, meaning the recovery had not been fully confirmed.
DOGE gains as selling pressure eases
The derivatives market is also showing more activity. According to data from Coinglass, Dogecoin derivatives trading volume jumped 81.86% to $1.27 billion.
However, the data also show that its open interest dropped 1.63% to $1.26 billion. This means traders were buying and selling more contracts, but the total number of open leveraged positions did not increase.
Options activity also rose sharply. Coinglass shows that the option volume jumped 143% to $952.1, while options open interest increased 143.33% to $954,430. However, the options volume figure may be unreliable because the reported amount appeared unusually low.
With the CLARITY Act vote and FOMC decision ahead, traders are watching to see how the market reacts. A positive response could support Dogecoin’s attempt to move higher, while either event could also bring stronger volatility.
Also Read: Bitcoin Miner Indicator Triggers Buy Signal After 58.6% Median Returns
