In the last 24 hours, Dogecoin (DOGE) showed significant volatility, closing the day with a 1% rise to $0.213, rekindling investor interest in the market.
Market Activity Overview
Between September 2nd and 3rd, DOGE's price fluctuated by 4%, ranging from $0.207 to $0.215. Trading volume reached $949 million, exceeding the weekly average by 21%, indicating active involvement from both individual and institutional investors.
Price Analysis and Technical Outlook
Despite sharp intraday fluctuations, DOGE closed the day at $0.213, above its opening price of $0.211. Midday saw a dip to $0.207 due to pressure from selling 811 million tokens. However, by 21:00, the price rallied to $0.215, supported by a buying spree involving 949 million tokens. In the day's final hours, a trading volume of 21 million tokens pushed the price from $0.21 to $0.22, highlighting strong buying interest. Investors should monitor support at the $0.207-$0.210 range and resistance at the $0.215-$0.220 range.
Speculations and Macroeconomic Context
Speculations surrounding the approval of a DOGE ETF are key drivers of price movements. Probability rates for DOGE ETF approval on Polymarket increased from 51% to 71% ahead of October deadlines. Additionally, expectations that the Fed will make four interest rate cuts by the end of the year are boosting interest in risky assets. The first cut is expected in September.
Dogecoin prices remain under the influence of speculation and macroeconomic factors, making the market dynamic. Support and resistance levels are critical for monitoring in the coming days.
