Dogecoin Jumps 11% on Fed Optimism – Is a Major Breakout Coming?

Dogecoin (DOGE) saw a sharp jump on Friday, rising over 11% to $0.242, as markets reacted positively to Fed Chair Jerome Powell’s comments at Jackson Hole. Powell suggested that “the shifting balance of risks may warrant an adjustment of policy stance,” increasing expectations for a September rate cut.

The surge brought Dogecoin’s 24-hour trading volume up by 165% to $5.42 billion, and its market cap hit $35.52 billion, overtaking Tron (TRX) to reclaim the eighth spot among cryptocurrencies.

According to analysts like Ali, Dogecoin is consolidating inside a triangle pattern, preparing for a potential 40% breakout. If DOGE decisively breaks above the $0.26 resistance, targets of $0.40 and $0.48 could come into play. Crypto trader Kaleo noted that DOGE is “long overdue for an explosive move.”

The meme coin’s resurgence signals renewed interest in altcoins, especially as Ethereum also hit an all-time high on the same day. Dogecoin might just be gearing up for its next legendary rally.