Dogecoin found its footing on Friday following some initial fluctuations, with prices dipping to $0.176 before recovering to a narrow range of $0.18 to $0.19. The day’s 7% price oscillation occurred amidst growing macroeconomic concerns and news of significant whale liquidations exceeding $74 million.
Key Points
• DOGE fluctuated between $0.176 and $0.189 from Oct 17, 06:00 to Oct 18, 05:00, reflecting a 6.7% variation.
• Trading volumes surpassed 1.4 billion during the 07:00–08:00 UTC decline, establishing a robust support level near $0.18.
• Major holders reportedly sold 360 million DOGE ($74 million) as the broader crypto market saw a 6% drop due to tariff-related news.
• By the end of the session, the price had steadily risen to approximately $0.186, forming higher lows in the afternoon.
• Futures positioning showed a mixed sentiment as traders considered Federal Reserve policy signals against inflation concerns.
Contextual News
The morning decline mirrored weakness across the market following the Trump administration’s announcement of a complete tariff on Chinese imports, causing risk assets to decline throughout Asia. Initially facing liquidation pressure, DOGE regained stability as whales and market makers absorbed supply around $0.18. Analysts noted a heavy concentration of bids at this level, indicating accumulation rather than capitulation. Additionally, derivative funding rates returned to normal after a brief spike in short positions, suggesting that sentiment was stabilizing.
Price Action Overview
• A sharp decline occurred from $0.188 to $0.176 at 07:00 UTC on over 1.4 billion volume, marking the day’s sell-off.
• Recovery in mid-session saw DOGE regain $0.184–$0.187, maintaining consolidation for the rest of the day.
• In the final hour (04:22–05:21 UTC), a test of the low at $0.1853 encountered a 10.5 million volume spike, followed by a consistent bounce to $0.1862.
• Resistance held steady in the $0.188–$0.189 zone, with several failed breakout attempts.
• A tight late-session range ($0.1860–$0.1862) combined with dwindling volume suggested a pause in positioning ahead of potential catalysts.
Technical Insights
• Support – The $0.175–$0.180 range remains crucial for accumulation; buyers defended the lows with strong conviction.
• Resistance – The $0.188–$0.190 range marks the upper consolidation level; a breakout could aim for $0.20 or higher.
• Volume – Peak activity at 1.4 billion; late-session volume compression supports equilibrium formation.
• Pattern – Narrow-band consolidation following the morning dip indicates a coiling volatility pattern.
• Momentum – The RSI is neutral near 49; the MACD is flattening out — indicating no dominant trend yet.
What Traders Are Monitoring
• Confirmation of $0.18 as a short-term support level ahead of the weekend.
• Monitoring whale activities — will accumulation persist post-$74 million sell-off?
• Interest in meme assets may rise amid optimism regarding upcoming ETFs next week.
• Federal commentary on tariffs and their liquidity effects on speculative flows.
• A breakout above $0.19 could trigger a retest of the $0.20–$0.21 area.
