Market Overview: Dogecoin/Tether (DOGEUSDT) 24-Hour Summary

• Dogecoin/Tether fell from $0.2521 to $0.2447 over 24 hours, closing at $0.2447 near the session low.
• Volatility and volume spiked during the early evening UTC, suggesting increased bearish participation.
• A bearish engulfing pattern formed near $0.250–0.251, signaling potential continuation of the downtrend.
• RSI and MACD confirmed weakening momentum, with the pair trading below key moving averages.
• Price tested Bollinger Band lower bounds and Fibonacci 61.8% level around $0.245, hinting at possible support consolidation.

Market Summary

Dogecoin/Tether (DOGEUSDT) opened at $0.2518 on 2025-10-07 at 16:00 ET, reached a high of $0.2538, and closed at $0.2447 by 12:00 ET on 2025-10-08. Total trading volume was 297,744,648 DOGE, with a notional turnover of approximately $75,698,406 USD.

Structure & Formations

Price exhibited a clear bearish bias over the 24-hour period, forming multiple bearish reversal patterns, including a bearish engulfing candle near $0.250–0.251 and a deep pullback toward $0.246. A strong support level appears to be forming around $0.246–0.247, with the 0.618 Fibonacci retracement aligning near that level. A potential counter-trend rally may face resistance at $0.249–0.250 if buyers step in.

Moving Averages

On the 15-minute chart, price remained below both the 20-period and 50-period moving averages, suggesting continued bearish momentum. On the daily chart, the 50-, 100-, and 200-period SMAs are aligned bearishly, with DOGEUSDT trading below all three, reinforcing the bearish bias.

MACD & RSI

MACD remained in negative territory, with the signal line crossing above the MACD line to form a bearish divergence, signaling a possible continuation of the downtrend. RSI fell below 30 into oversold territory in the final hours of the session, which may trigger short-term bounces but does not signal a trend reversal. Momentum remains bearish, and any rallies are likely to be short-lived.

Bollinger Bands

Price spent much of the session near or below the lower Bollinger Band, indicating high volatility and bearish dominance. A volatility contraction was observed in the final hours before the session close, which could precede a breakout or breakdown from the current price range. The recent low near $0.2447 aligns with the lower band, suggesting potential for further downside.

Volume & Turnover

Volume increased significantly between 23:30 and 00:30 UTC, with a large volume spike at $0.2449–0.246. This coincided with a sharp price drop and indicates strong bearish participation. Notional turnover also rose during this period, confirming the bearish move. Divergence between price and volume was not observed, suggesting the sell-off is well-supported.

Fibonacci Retracements

Applying Fibonacci to the 15-minute swing high of $0.2538 to the low of $0.2447, key levels include the 61.8% retracement at $0.2476, and the 38.2% retracement at $0.2499. The 61.8% level appears to be a critical area where price may find near-term support or resistance. On the daily chart, the 61.8% level from the broader bearish move is also near $0.247, reinforcing its importance.

Backtest Hypothesis

A backtesting strategy could focus on shorting DOGEUSDT when RSI falls below 30, MACD turns negative with a bearish crossover, and price breaks below the 50-period SMA on a 15-minute chart. A stop-loss could be placed above the nearest resistance level identified using Fibonacci or key moving averages. The strategy should be tested across multiple bearish market cycles to assess reliability. Given the current setup, a short bias with a target near $0.2435–0.245 could be considered, with a stop above $0.247–0.248.