Market Overview for Dogecoin/Yen (DOGEJPY) on 2025-11-11

Summary
• DOGEJPY rose from ¥27.32 to ¥28.79, driven by strong volume in the early hours.
• Momentum faded after the ¥28.79 peak, with RSI signaling overbought conditions.
• Bollinger Bands show a recent expansion, indicating heightened volatility.
• On-balance volume confirms price strength, but a divergence appears after 02:45 ET.
• Fibonacci retracement levels align with key resistance at ¥28.79 and support at ¥27.32.

24-Hour Price and Volume Action

Dogecoin/Yen (DOGEJPY) opened at ¥27.48 on 2025-11-10 and reached a high of ¥28.79 before closing at ¥27.58 on 2025-11-11. The 24-hour range spanned from ¥27.32 to ¥28.79, with total traded volume of 4,818,349 and notional turnover of ¥130,726,938.

Structure & Formations

Key support appears at ¥27.32, confirmed by multiple closes and retests. The rally off this level saw a bullish engulfing pattern, followed by a strong bullish flag. Resistance at ¥28.79 stalled momentum, with a bearish harami forming after the peak. A doji at ¥28.31 suggests indecision and a possible reversal.

Technical Indicators

The 20-period and 50-period moving averages on the 15-minute chart crossed to the upside during the initial breakout but diverged after 03:00 ET. RSI hit overbought territory (>70) at the ¥28.79 high, while MACD showed a bearish crossover following the peak. Bollinger Bands showed a significant expansion during the rally and have since begun to contract, suggesting a potential consolidation phase.

Volume and Turnover Analysis

Volume spiked during the ¥27.32 support test and the ¥28.79 resistance break, reaching 938,424 at 01:30 ET. However, turnover and price moved in opposite directions after 02:45 ET, signaling a weakening bullish impulse. The final 15 minutes showed a sharp volume drop, indicating reduced participation.

Fibonacci Retracements

Fibonacci levels derived from the ¥27.32–¥28.79 swing show a 38.2% retracement at ¥28.21 and a 61.8% level at ¥27.83. Price tested the 61.8% level twice and closed near it, suggesting short-term support. Daily retracement levels from the prior week’s range indicate consolidation between ¥27.32 and ¥28.21.

Backtest Hypothesis

The described strategy of buying at ¥27.32 and selling at ¥28.79 aligns well with the observed price structure. The recent 24-hour move closely mirrored the historical pattern, with strong volume and price confirmation at both levels. While the resistance at ¥28.79 was reached and tested, the inability to hold above that level introduces some uncertainty in the strategy’s immediate effectiveness. However, the support at ¥27.32 remains intact and could offer a reentry opportunity if price revisits the level in the near term.

Outlook and Risk Caveat

Looking ahead, DOGEJPY may consolidate between ¥27.32 and ¥28.21 if the market absorbs recent volatility. A retest of ¥27.32 could trigger a short-term bounce, while a break below that level would signal deeper correction. Investors should remain cautious about overbought conditions and monitor divergence in volume and price.