Market Overview: Dogecoin/Yen (DOGEJPY) — 24-Hour Analysis

• Price declined from 40.56 to a 24-hour low of 37.99, forming bearish momentum.
• RSI and MACD signaled oversold conditions during the downturn, but failed to reverse.
• Volatility expanded on the decline, with heavy volume in the final 6 hours.
• Bollinger Bands widened as price broke below 39.0, suggesting a potential continuation.
• A key support zone formed around 38.0–38.26, where price paused briefly but failed to rebound.

Dogecoin/Yen (DOGEJPY) opened at 40.07 on 2025-10-06 at 12:00 ET, surged to a high of 40.61, and closed at 38.04 as of 12:00 ET on 2025-10-07, posting a 24-hour low of 37.99. Total volume reached 6,162,592 and turnover amounted to approximately 237,706,409 yen, reflecting strong bearish sentiment and distribution across key price levels.

Structure and candlestick patterns highlight a sustained bearish bias. A key support zone between 38.0 and 38.26 was tested but failed to hold, as evidenced by a long lower shadow in the final candle of the day. A series of engulfing bearish patterns confirmed the breakdown below the 39.0 psychological level, which had previously acted as a floor. A doji appeared near 38.88, indicating indecision but failing to spark a reversal.

Bollinger Bands showed expansion during the selloff, with prices testing the lower band at 37.99 before stabilizing. MACD crossed into negative territory with bearish divergence, while RSI dipped into oversold territory (below 28) at the end of the session. However, the failure of RSI to rebound suggests weak conviction in a near-term bounce. The 20-period and 50-period moving averages on the 15-minute chart both turned downward, reinforcing the bearish trend.

Volume spiked significantly in the final 6 hours of the 24-hour window, with notable turnover near key support levels. The breakdown below 39.0 occurred with above-average volume, signaling a credible shift in sentiment. Fibonacci retracements from the high of 40.61 to the low of 37.99 indicate 38.2% at 39.0 and 61.8% at 38.47 as potential retracement levels if a near-term bounce occurs.