Dogecoin saw an impressive comeback today, surging nearly 9% in value and reaching $0.2346 after Jerome Powell’s speech at Jackson Hole. Investors were quick to get back on the horse after the speech, driving DOGE’s daily trading volume up by over 120%, showcasing incredible buyer strength.

Today’s rally also propelled Dogecoin’s market capitalization to over $35 billion, which was enough to surpass Circle in market cap, not bad for a memecoin, eh? This surge also helped the asset to erase most of its monthly losses, now sitting at around a 3% deficit over the past 30 days. 

DOGE’s Wheels Were Already in Motion

The MACD on a 4-hour chart was already hinting at a possible rebound two days ago, when it flipped bullish after a 13.6% decrease. Now, today’s performance has cemented DOGE in a bullish zone, with both the MACD and Signal lines widening, as the histogram grows strong green bars. 

Price reverted slightly after reaching the $0.24 zone. This key price action area has been one of the stickiest resistances for Dogecoin this year, being one of the most significant zones where bears take control, causing multiple short-term rallies to fall short. 

Looking ahead, we’ll need to see whether today’s risk-off sentiment will endure among investors in the meantime. Next week will present a few important macroeconomic prints like the GDP report and the PCE price index, the Fed’s preferred inflation gauge.

A stronger-than-expected inflation on the PCE could subvert the current euphoria regarding rate cuts, while a weaker inflation print could once again sustain bullish strength among cryptocurrencies.

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