The recovery rally in major cryptocurrencies gained pace on Monday, with several digital assets, including Dogecoin, trading in green.

The crypto market remains in green as investors anticipate Fed-driven and macro catalysts.  The Federal Reserve, which has acted as a driver of price action over the past month, will host a payments conference in Washington on Oct. 21, with traders eagerly awaiting any hints or suggestions about upcoming monetary policy.

At press time, Dogecoin was up 7.47% in the last 24 hours to $0.20, extending its recovery from an Oct. 17 low of $0.175 into the third day.

The recovery reached $0.202 on Monday, with the market awaiting what comes next for the Dogecoin price.

Dogecoin 300% rally a possibility

In recent tweets, crypto analyst Ali stated that Dogecoin hints at a potential rally. This is as Dogecoin recovered from a crucial price floor, which might boost its valuation by as much as 300%.

Dogecoin $DOGE just bounced off the channel support and looks set to climb. Eyes on $0.29 first, then $0.45 and $0.86. https://t.co/UvRO5RvZ5g pic.twitter.com/U7M9jAbwQN

In a most recent tweet, Ali indicated that Dogecoin just bounced off its channel support and looks set to climb. The crypto analyst outlines three price targets for bulls: $0.29 first, then $0.45 and $0.86.

A rise to $0.86 from current price of $0.20 would represent a 300% increase. In the meantime, traders continue to watch near-term resistance levels at the daily moving averages 200 and 50 at $0.207 and $0.236, ahead of $0.27.

A breach of these key levels might cause Dogecoin to target $0.29, of which a sustained break would kickstart the next leg of uptrend for Dogecoin with the potential of rallying over 300% to $0.86.

On the other hand, support is expected at $0.175, ahead of $0.15, in the event of a market drop.

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