Dogecoin Rebounds 4.7% to $0.171 Amid Market Volatility
Dogecoin (DOGE) rebounded from an intraday low of $0.164 to close near $0.171, marking a 4.7% increase amid broader market weakness. This suggests potential accumulation by institutional buyers as volatility persists.
News Background
- Rebound follows intense selling due to geopolitical tensions between Israel and Iran, which briefly pushed DOGE down over 7% on Wednesday.
- The U.S. Federal Reserve's restrictive monetary policy is affecting riskier assets like DOGE, with rates at 4.25%–4.50% and ongoing balance sheet reductions.
- DOGE remains highly liquid, with daily turnover around $1.37 billion and a market cap exceeding $24.7 billion.
- Technical indicators show DOGE entering oversold territory, while social sentiment data indicates an 86% positive tone among 16,000+ mentions.
- Future performance may depend on regulatory developments, including a possible U.S. spot ETF decision and increased adoption on DeFi platforms like Coinbase’s Base network.
Price Action
DOGE experienced its steepest drop during the 13:00 hour, hitting $0.164 on a volume spike of 591M units. The subsequent recovery stabilized prices above $0.171, consolidating between $0.170 and $0.1696 with indications of accumulation.
Technical Analysis Recap
- DOGE recovered 4.7%, rising from $0.164 to $0.171.
- A major selloff occurred at 13:00, with peak volume at 591M units.
- Support established at $0.164; resistance remains near $0.172.
- Accumulation signs noted during 02:00–02:02 with 3.4M volume.
- RSI at 33.29 indicates nearing oversold conditions.
- Price consolidates just above short-term support of $0.1696.
- A break above $0.1750 could target $0.1820; failure may lead to retesting $0.1640 or $0.150.
- Current technical patterns suggest a descending triangle, a typically bearish signal, although reduced volatility hints at stabilization.