Market Overview for Dogecoin/Tether (DOGEUSDT) – 2025-11-08

• DOGEUSDT drifted lower in the last 24 hours with a bearish close near key support.
• RSI near oversold levels and expanding Bollinger Bands suggest increasing volatility.
• Volume remained steady with no significant divergence from price.
• 20-period MA acted as resistance, and price failed to break above 0.1810.
• 61.8% Fibonacci retracement level at 0.1776 could become near-term support.

Opening Summary

At 12:00 ET − 1, Dogecoin/Tether (DOGEUSDT) opened at 0.17362, reached a high of 0.18297, and closed at 0.17872 as of 12:00 ET. Over the past 24 hours, the pair recorded a total volume of 1,342,328,298.00 DOGE and a notional turnover of approximately $239,272,483.51. The price appears to have consolidated after a sharp rebound from intraday lows and may test key support levels ahead.

Structure & Formations

Price has formed a bearish continuation pattern around the 0.1816 level, with a potential bearish engulfing pattern observed near the high of 0.18297. The 0.1787–0.1793 range appears as key support, with a small doji forming on the 23:45 candle, signaling indecision. A break below 0.1776 could trigger deeper corrective levels.

Moving Averages

On the 15-minute chart, the 20-period MA currently resides near 0.1790 and has acted as resistance. The 50-period MA is slightly higher at 0.1794. For daily sentiment, the 50-period MA is near 0.1783, the 100-period at 0.1779, and the 200-period MA at 0.1775, suggesting a potential near-term confluence of support.

MACD & RSI

The RSI has moved toward oversold territory, closing near 30, suggesting potential for a short-term bounce. MACD is in bearish territory with a negative histogram, indicating that bearish momentum remains intact. A reversal in RSI and a positive cross in MACD may be prerequisites for a reversal.

Bollinger Bands

Bollinger Bands have widened over the last 6 hours, signaling an increase in volatility. Price has traded near the lower band for much of the session, with the lower band hovering around 0.1775–0.1780. A break above the upper band of 0.1815 would indicate a return of bullish momentum, but current positioning favors a sideways or bearish consolidation.

Volume & Turnover

Trading volume has remained relatively consistent throughout the 24-hour period, with no sharp spikes that would suggest a breakout or reversal. Notional turnover shows a moderate decline after the initial intraday rebound, suggesting a lack of conviction among buyers. Price and volume appear to be aligned, with no divergence currently observed.

Fibonacci Retracements

On the 15-minute chart, the recent swing from 0.18297 to 0.17872 has created key Fibonacci levels. The 38.2% retracement is at 0.1802, and the 61.8% level is at 0.1790. For the daily chart, the 61.8% level from the recent high at 0.18297 is 0.1776, which appears as a potential floor for the next 24 hours.

Backtest Hypothesis

A recently backtested RSI-based strategy — “RSI > 70 long / RSI < 70 exit” — showed mixed results over the period 2022–2025. While generating a 55.89% total return and an annualised return of 15.63%, it also experienced a maximum drawdown of -61.74% and a relatively low Sharpe ratio of 0.39. The addition of a 20% stop-loss helped mitigate severe drawdowns during volatile periods, suggesting the strategy may need further refinement for DOGEUSDT’s high volatility. Given the current RSI near oversold levels and lack of clear momentum, this strategy may not trigger a long entry for at least a few hours unless price retests key resistance near 0.1800.