Dogecoin Price Shows Lower Highs as Volume Increases on Declines
Market Overview
- DOGE increased by 4% from $0.216 to $0.218 between Sept. 3 and Sept. 4.
- Trading volume reached 416.41M tokens, significantly above the average of 244.87M during resistance testing at $0.223.
- Odds for ETF approval rose from 51% to 71%, attracting institutional interest.
- Analysts are divided: some predict a drop towards $0.17 while others anticipate potential gains to $1.00–$1.40.
Price Action Highlights
- DOGE traded within a range of $0.009 (4.17% volatility) between $0.214 and $0.223.
- A midday rally raised the price from $0.215 to $0.219 with volumes over 400M.
- Profit-taking occurred after hitting $0.223, resulting in heavy selling pressure.
- In the final hour, DOGE dropped 0.5% to $0.218 amidst accelerating volume.
- The session low was recorded at $0.2178 as support at $0.218 weakened.
Technical Insights
- Support level at $0.214 confirmed by institutional bids.
- Resistance established at $0.223 due to high-volume rejections.
- Lower highs indicate distribution; increasing volume on declines observed.
- Possible triangle formation under $0.22; a breakdown could target $0.17.
- Institutional-level trading surges above 400M suggest corporate participation.
Key Trader Focus Areas
- Monitoring the strength of $0.218 support and potential implications for a drop to $0.214 or $0.17.
- Tracking institutional flows related to ETF speculation which could influence breakout trends.
- Assessing macroeconomic factors supporting a risk-on environment.
- Observing whale activity and treasury inflows to gauge accumulation versus distribution dynamics.
