Dogecoin held near $0.0848 on September 14 with derivatives open interest at $1.26 billion, and an analyst's four-hour chart points to $0.093 as the next resistance level. Traders are also watching tomorrow's CLARITY Act vote and Wednesday's FOMC decision for signals on where the coin heads next.
Dogecoin hovered at $0.0848 as open interest hit $1.26 billion, keeping a $0.093 upside target within reach. The broader crypto market gained 1.32% to $2.65 trillion as regulatory optimism strengthened sentiment.
Bitcoin traded near $78,905, while Ethereum stood around $2,532 and XRP reached $1.44. Traders are now waiting for tomorrow's vote on the CLARITY Act and Wednesday's FOMC decision. A positive outcome may help Dogecoin break out, though volatility could rise around both events.
Analyst targets $0.093 resistance
A crypto analyst outlined a $0.093 target for Dogecoin based on its four-hour market structure. The prediction follows a second bounce off the lower trend line of an ascending price channel, with Dogecoin steadily marking support levels within the formation.
The analyst believes Dogecoin is likely to move up to the channel's upper line near $0.093, the next major resistance in the structure. Ascending channels form when price moves between two upward-sloping trendlines, and repeated rebounds over time suggest the structure is technically sound.
Momentum indicators stay mixed
Dogecoin stood at $0.08470 on September 14, surging 1%. On the four-hour chart, the MACD histogram shifted slightly positive at 0.00018, suggesting downward momentum had moderated, though the main line remained below zero, leaving the recovery unconfirmed.
The Chaikin Money Flow ticked higher to 0.01, a mild sign of buying pressure but not enough to confirm it is continuing to climb. A four-hour close above $0.09 may open the way to $0.095, and a move there could put the August peak near $0.10 back on the horizon. If support at $0.079 fails, attention could shift to $0.075 and $0.070.
Derivatives volume jumps as open interest slips
Trading volume in Dogecoin derivatives surged 65.06% to $1.17 billion, a sharp uptick in activity. Yet open interest fell 1.63% to $1.26 billion despite the higher volume, a divergence that points to more activity without a real increase in outstanding leveraged positions.
Options volume surged 593% to $566.62. Options open interest climbed 143.33% to $954,430.
Source: CoinGape
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