DOGEUSDT Market Overview: Volatility and Key Support Tested in 24 Hours

Summary
• Price found support near $0.1311 and tested key resistance at $0.1323–0.1328.
• Volume surged during the sharp decline from $0.1328 to $0.1300, confirming bearish momentum.
• RSI signaled overbought conditions at $0.1328 and oversold at $0.1300, hinting at possible reversals.
• Bollinger Bands widened during the drop, reflecting increased volatility.
• A bullish engulfing pattern emerged near $0.1316, suggesting a short-term reversal.

Dogecoin/Tether (DOGEUSDT) opened at $0.1318 on December 20 at 12:00 ET, reached a high of $0.13342, hit a low of $0.12871, and closed at $0.13174 on December 21 at 12:00 ET. Total volume was 163.8 million DOGE, and notional turnover stood at $21.9 million over the 24-hour window.

Structure & Formations

Price carved a broad range between $0.1311 and $0.1328, with a strong bearish rejection at $0.1328 on December 21 afternoon. A bullish engulfing pattern formed near $0.1316 in early December 21, signaling a potential short-term reversal. A doji near $0.1300 also hinted at indecision among traders following the sharp decline.

Moving Averages and Momentum

The 5-minute 20/50 SMA crossed to the downside in the late hours of December 20, suggesting bearish bias. RSI moved into overbought territory at $0.1328 and oversold at $0.1300, indicating exhaustion on both ends. MACD showed bearish divergence during the breakdown from $0.1323.

Volatility and Bollinger Bands

Bollinger Bands widened significantly during the decline from $0.1328 to $0.1300, confirming a sharp rise in volatility. Price later settled closer to the lower band near $0.1311, suggesting a possible oversold bounce.

Volume and Turnover

Volume spiked sharply during the breakdown from $0.1328 to $0.1300, confirming bearish pressure. Turnover reached a high of $1.3 million in the 5-minute candle at 13:15 ET, with volume surging due to a large sell-off. A divergence appeared between volume and price during the rebound from $0.1300, indicating mixed signals.

Fibonacci retracement levels from the $0.1328 swing high showed support at $0.1316 (38.2%) and $0.1311 (61.8%), which were both tested and held.

Over the next 24 hours, a test of $0.1323–0.1328 resistance may occur if the 38.2% Fib level at $0.1320 holds. However, volatility remains high, and a break below $0.1311 could invite further corrections. Investors should remain cautious and monitor volume for confirmation of any directional move.