Dogecoin extended its recovery from Wednesday’s low of $0.184 into the second day, reaching an intraday high of $0.198. At press time, Dogecoin was up 2.77% in the last 24 hours to $0.197, and up 8% weekly.
Dogecoin might still have recovery potential, but according to Ali, a crypto analyst, it must hold above a key support to continue its climb to reach a target of $0.33.
In a tweet, Ali highlights the $0.18 support as that which remains essential for the Dogecoin price’s short-term action.
Ali indicated that Dogecoin must hold above it in order to progress to $0.33. “Dogecoin DOGE must defend $0.18. Hold it, and the path to $0.25 or $0.33 opens up,” Ali stated in a tweet.
An increase to $0.25 from Dogecoin’s current prices marks a rise of 27%, while reaching $0.33 would imply an increase of 67%.
Market awaits Fed-driven catalyst
The broader market is witnessing a recovery early Friday as investors keenly anticipate the postponed inflation reading, which will offer much needed insights into the state of the economy.
The consumer price index, slated to be released at 8:30 a.m. ET on Friday by the Bureau of Labor Statistics, will be a major event due to the dearth of economic data being published as a result of the government shutdown.
The release comes ahead of the Federal Reserve’s October meeting next week on Oct. 28, where policymakers will make a decision on the interest rate. Traders are pricing in a nearly 99% chance that the Fed will lower interest rates by another quarter percentage point.
