Dogecoin has seen a 61% activity surge on spot exchanges as traders positioned ahead of one of the most consequential Federal Reserve decisions of the year.
The crypto market rose ahead of this macro signal, with most coins, including Dogecoin, trading in green.
Dogecoin rose at the start of the week; the dog coin started rising from a low of $0.134 on Dec. 7 to reach a high of $0.153, before easing.
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At press time, Dogecoin was up 3% in the last 24 hours to $0.145, demonstrating an increase in spot trading volumes as traders adjusted their positioning.
According to CoinMarketCap data, Dogecoin trading volume has increased by 61% in the last 24 hours, reaching $1.68 billion.
Crucial market catalyst awaited
Investors are keenly anticipating the Federal Reserve's interest rate decision, with the crypto market now presenting mixed trading action as sentiment remains split.
Reports indicate that sentiment remains split among FOMC members, with some in favor of a rate cut, while other policymakers think another cut could make inflation worse.
The Federal Open Market Committee is set to conclude its two-day meeting later today, and is widely expected to deliver an interest rate cut, and it is the final meeting of the year.
Traders are currently pricing in approximately a 90% chance of a quarter percentage point cut to a range of 3.5%-3.75%, according to the CME FedWatch Tool.
Investors will also monitor Fed Chair Jerome Powell’s post-meeting comments at his news conference for hints about future monetary policy decisions.
What's next for Dogecoin price?
Dogecoin rose for two days at a stretch from Dec. 8 to 9, as its price saw a relief rally after a slump in early December.
The dog coin has traded in a range between $0.131 and $0.156 since Nov. 21. It will be watched next if Dogecoin breaks out from its current trading range, with a confirmed break above $0.156 required.
Support is expected in the $0.13 range in the event of a drop.
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