Dogecoin held a key floor at $0.214 during the 24‑hour session ending Sept. 4, while surging ETF-approval speculation sent volume and short-term price swings higher. The token finished the period up about 4%, trading in a narrow band between $0.214 and $0.223.
Trading activity spiked as Polymarket odds for ETF approval climbed from about 51% to 71%, drawing institutional desks into both defensive bids and profit-taking. Volume during resistance tests topped 416.4M tokens, well above the 24‑hour average of 244.9M, signaling participation beyond retail momentum.
Price action showed a midday push that lifted DOGE from roughly $0.215 to $0.219 on heavy flows, then a rejection at $0.223 that triggered profit-taking. Late selling pressure nudged a session low to $0.2178, and the last hour saw a small fade to close near $0.218.
Technically, market structure is mixed. Support around $0.214 has been reinforced by repeated institutional bids, but shorter-term momentum is weakening: lower highs are forming and volume has expanded on down moves — a distribution signal. Traders are watching a possible triangle setup under $0.22; a confirmed breakdown would expose the $0.17 Fibonacci area as the next likely support. Conversely, a sustained push above $0.223 on institutional buying could open broader upside.
For traders, clear triggers include a decisive close above $0.223 on sustained volume for bullish continuation, or a breakdown under $0.214 confirming distribution. Options and futures desks may amplify moves as ETF odds evolve.
Key watchpoints for the week: whether the $0.218 intraday support holds, how institutional desks respond to further shifts in ETF-implied odds, and any large wallet or treasury flows that might indicate accumulation versus distribution. Macro drivers — especially Fed rate expectations and treasury narratives — could amplify moves if risk appetite shifts.
Risk note: This article summarizes market data and technical scenarios; it is not investment advice. Crypto markets are volatile and can move rapidly on news and large orders.
Source: CoinDesk. Read the original coverage for full details.