• Dogecoin (DOGE) was last up around 3% in the last 24 hours, as per data from CoinGecko.
• The cryptocurrency is rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices.
• Analysts and traders will be monitoring the release of key US macroeconomic data this week to assess how it impacts the outlook for US economic growth and the Fed’s policy direction.
Dogecoin (DOGE) Price Movement
Dogecoin (DOGE), the cryptocurrency that powers the decentralized, payments-focused, dog meme-inspired Dogecoin blockchain, was last up around 3% in the last 24 hours, as per data from CoinGecko. DOGE was last changing hands around $0.085, up around 5.5% from last week’s lows in the $0.08 area, with the cryptocurrency having seen a solid bounce from its 100 and 200-Day Moving Averages, both of which are currently around $0.081.
Impact Of Macroeconomic Data On Cryptocurrency Prices
Dogecoin is rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices, which comes ahead of a very busy week on the US macro front. Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data, as well as the FOMC minutes this week, and assessing how this data impacts the outlook for US economic growth and the Fed’s policy direction. Positive moves in crypto markets imply that markets are taking the view that easier financial conditions are incoming, with inflation expected to moderate substantially this week (on a YoY basis).
Price Prediction
Though Dogecoin is currently about 20% below its earlier monthly highs in