DOGE Anchored Above $0.251, Traders Watch $0.264 Break
Dogecoin's trading activity showed volatility, fluctuating within a 5% range before settling near $0.261 due to institutional liquidation flows.
Key Points
- DOGE traded between $0.251 and $0.264 from Oct. 2 to Oct. 3, achieving a 2.7% gain after experiencing corrections and recoveries.
- Institutional desks, along with speculation around SBI and ETFs, were the main drivers of trading flows.
- An ascending megaphone pattern and hidden bullish divergence indicate potential upward movement despite recent sell pressure.
Price Action Summary
- DOGE's price dipped to $0.251 and rebounded to $0.264 within a few hours.
- The selloff saw volumes peak at 666M tokens; the rebound involved 414M tokens.
- Support was established at $0.251–$0.253, with resistance at $0.262–$0.264.
- A late-session liquidation dropped DOGE from $0.261 to $0.260 on a 33.1M trade spike.
Technical Analysis
- Support remains strong at $0.251–$0.253, with consistent buyer intervention.
- Resistance is noted at $0.262–$0.264, limiting rebound efforts.
- Despite short-term support breaks, broader patterns suggest potential continuation towards $0.34 if buyers stabilize above $0.262.
Traders' Focus
- Monitoring DOGE's ability to stabilize above $0.260 amid liquidation effects.
- Watching for a retest of the $0.251–$0.253 support zone during U.S. trading hours.
- Looking for confirmation of bullish divergence and breakout setups aimed at $0.34.
- Observing ETF speculation impacts on meme-coin bids, including DOGE and SHIB.