Dogecoin Price Analysis: Resilient DOGE Finds Stability After Tariff-Induced Selloff

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ago 10 hours

Dogecoin Price Analysis: Resilient DOGE Finds Stability After Tariff-Induced Selloff

Dogecoin (DOGE) experienced significant volatility on October 17 before stabilizing within a narrow price range of $0.18 to $0.19. The initial decline saw DOGE’s price drop to $0.176, influenced by macroeconomic pressures and reports of substantial whale liquidations totaling $74 million.

Price Movement and Market Dynamics

During the trading session, DOGE fluctuated within a 6.7% range from $0.176 to $0.189, as trading volumes surged to over 1.4 billion DOGE amid a selloff. The drop in price was largely attributed to broader market reactions to tariff announcements, which caused a 6% decline in the overall cryptocurrency market. Despite this, a strong support level emerged around $0.18 as large holders began to absorb the selling pressure.

Trading Range: DOGE traded between $0.176 and $0.189 during the UTC session.
Volume: Trading volumes exceeded 1.4 billion DOGE.
Whale Liquidations: Liquidations of 360 million DOGE ($74 million) were observed.

Recovery and Closing Trends

Following the morning dip, DOGE gradually recovered and closed at approximately $0.186, creating a pattern of higher lows throughout the afternoon. However, the currency faced resistance around the $0.188 to $0.189 zone, with multiple unsuccessful attempts to break through this barrier.

Technical Analysis Overview

Support Levels: A critical support zone exists between $0.175 and $0.180, where buyers showed strong commitment.
Resistance Levels: The upper consolidation band is marked between $0.188 and $0.190, with potential breakout targets above $0.20.
Volume Trends: The peak trading activity was noted at 1.4 billion DOGE, with late-session volume suggesting a period of consolidation.
Market Sentiment: The Relative Strength Index (RSI) remains neutral, indicating that trend direction is yet to be determined.

What Traders Are Monitoring

Traders are closely observing several factors that could impact DOGE’s price movements:

Confirmation of $0.18 as a base level ahead of the weekend.
Follow-up on whale activity after the recent liquidation of $74 million.
Potential shifts in interest toward meme cryptocurrencies amidst upcoming ETF optimism.
Federal Reserve comments regarding tariffs and their liquidity effects on the market.
Breakout above $0.19 could signify a potential retest of the $0.20 to $0.21 range.

In summary, while DOGE faced turbulence due to external market factors, its ability to stabilize and find support suggests resilience. Continued monitoring of trading patterns and macroeconomic conditions will be essential for the forthcoming sessions on Emegypt.