Why Dogecoin Is 'One Of The Stronger Performers' Ahead Of Wednesday's Federal Reserve Meeting

Dogecoin (CRYPTO: DOGE) is holding around 26 cents, with traders charting a path for the meme coin depending on the upcoming interest rate decision by the Federal Reserve.

What Happened: In an update on Patreon, prominent analyst Kevin said that DOGE has once again tested the top of its rising channel and golden pocket.

This marks the third test this year. DOGE remains within the golden pocket, with key daily support at $0.2616, aligning with the 0.618 Fib level.

He expects sideways action until Wednesday's FOMC announcement, where a rate cut and Chair Powell's policy guidance are expected to shape Q4 sentiment.

On the 4-hour chart, DOGE shows immediate support at $0.2616, $0.2586, and $0.2546, while a broader support range spans $0.2455?$0.2272, covering major moving averages and additional Fib retracements.

Dogecoin has been one of the stronger performers leading into the event, but Kevin expects muted price action until the Fed's plans for Q4 are clarified.

Also Read: Millionaire Trader Is Up $500,000 On Dogecoin Long, Expects ‘Monster Rally’ To $1 Still To Come

Why It Matters: Trader, Astronomer highlighted his recent back-to-back wins on Dogecoin, crediting his success to simple 1:1 risk-to-reward trades.

He argued that focusing on bullish altcoins late in a cycle, entering near trend supports, and using conservative targets provides compounding gains.

BeInCrypto, citing Glassnode data, reported that Dogecoin exchange inflows spiked between Sep. 7 and Sep. 15, reaching 4.96 billion DOGE valued at $1.29 billion, a sign of strong retail selling pressure.

At the same time, whales accumulated 890 million DOGE worth $231 million within just a few days, suggesting the broader market trend remains intact.

These moves coincide with the upcoming launch of the REX-Osprey Dogecoin ETF, set to debut this week.

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