DOGE Experiences 5.7% Price Swing Amid Heavy Trading Volumes
Dogecoin experienced significant volatility in the past 24 hours, with major trading activity near the $0.234 support level. The price rose 2% in the last hour after intraday selling, although resistance remains at $0.244.
Price Action Summary
- DOGE fluctuated between $0.231 and $0.244 from September 8 at 04:00 to September 9 at 03:00, a 5.7% range.
- Price peaked at $0.244 but closed lower at $0.236 due to profit-taking.
- Trading volume reached 463.5M tokens during the rejection at $0.244, indicating strong institutional selling.
- Support emerged between $0.234–$0.237 with 687.9M tokens exchanged, suggesting accumulation.
- The final hour saw DOGE recover from $0.234 to $0.237 (+1.3%) with an average volume of 6.2M per minute.
Technical Analysis
- Support confirmed at $0.234–$0.237 due to heavy buying during declines.
- Resistance at $0.244 has been repeatedly rejected on large volume.
- Short-term momentum shows higher lows, indicating a bullish bias.
- A break above $0.244 could target $0.250; failure may retest the $0.231 base.
News Background
- Increased open interest in DOGE futures contracts as institutions hedge spot exposure.
- Market anticipates U.S. regulatory developments regarding crypto ETFs, influencing DOGE's speculative flows.
- Overall market volatility linked to Fed policy expectations and global trade tensions affecting risk assets.
What Traders Are Watching
- Whether DOGE can maintain closes above $0.240 and convert $0.244 into support to reach $0.250.
- The impact of the Fed’s September 17 rate decision on risk appetite and liquidity in crypto markets.
- Whale wallet inflows, with institutional desks accumulating during late-session dips.
- Progress on U.S. DOGE-related ETF filings and potential regulatory guidance on meme coin products.