Dogecoin (DOGE) staged an eventful 24 hours, rallying toward a session high before heavy selling from large wallets and institutional desks pushed prices back into a narrow range. Traders tested the key upper boundary at $0.244, but sustained rejection there left DOGE finishing the period near $0.236.
Price action showed a 5.7% intraday range, with DOGE trading between $0.231 and $0.244 from Sept. 8 04:00 to Sept. 9 03:00. Volumes peaked during the rejection at $0.244—about 463.5M tokens—signaling strong selling interest from larger holders. Late-session buying concentrated between $0.234–$0.237, where roughly 687.9M tokens changed hands, suggesting accumulation at lower levels.
Technical readings are mixed but tilt cautiously bullish in the short term. DOGE posted a series of higher lows in the final 20 minutes of the window, and a modest recovery in the last hour lifted the price from $0.234 to $0.237 (+1.3%) on brisk minute-by-minute volume (about 6.2M tokens/min).
Key levels to watch: a clear breakout and daily close above $0.244 would open a near-term target toward $0.250. Failure to hold the current support band risks a retest of the intraday base near $0.231.
Why this matters: heightened open interest in DOGE futures and institutional hedging activity suggest the memecoin remains connected to broader risk flows. U.S. regulatory clarity on crypto ETFs and the Federal Reserve’s policy outlook (Sept. 17 decision) are likely to affect liquidity and trader appetite, amplifying short-term volatility.
Trading note / risk awareness: volume spikes tied to whale selling can create sharp intraday reversals. Market participants should manage position size and use stops—historical support/resistance can fail under rapid macro-driven moves.
Source: CoinDesk. Read the original coverage for full details.