Market Overview: Dogecoin/Yen (DOGEJPY) – 24-Hour Summary

• Dogecoin/Yen surged 10.3% in 24 hours, hitting a high of ¥38.98 before consolidating.
• Strong bullish momentum was seen early, with a 2.3% rally in the first 3 hours.
• Volatility expanded significantly during the overnight Asian session, with Bollinger Bands widening.
• Volume surged to ¥117,546 at the peak, with price-volume divergence signaling potential exhaustion.
• RSI hit overbought levels early, followed by a sharp retrace to neutral, indicating profit-taking.

Dogecoin/Yen (DOGEJPY) opened at ¥36.59 on October 4 at 12:00 ET and surged to a 24-hour high of ¥38.98 before closing at ¥37.90 by 12:00 ET on October 5. Total volume reached 4.9 million DOGE, with notional turnover hitting ¥194,496,000. Price action suggests a strong bullish impulse early in the session, followed by a consolidation phase amid mixed volatility.

Structure and key levels show the price tested ¥36.90 as a strong support and then rallied into ¥38.98, where a bearish reversal pattern emerged. A large bearish candle formed near ¥38.98, suggesting sellers took control after buyers pushed into overbought territory. The 20-period EMA crossed above the 50-period EMA early in the session, signaling a bullish bias, but by 07:00 ET, it began to flatten as momentum waned.

The MACD crossed into positive territory early, confirming the bullish trend, but a bearish crossover occurred around ¥38.75. RSI peaked at overbought levels (above 70) at ¥38.98 and dropped to 56, indicating exhaustion in the rally. Bollinger Bands showed a clear expansion during the Asian session, with price closing near the upper band at ¥38.98, suggesting high volatility. A contraction may follow, signaling a potential pullback.

Fibonacci levels from ¥36.59 to ¥38.98 showed the price correcting to the 61.8% retracement at ¥37.85–37.90, a key area of interest for the next few hours. Volume spiked during the rally but declined during the consolidation, a sign of potential exhaustion or consolidation before the next move. Price and volume appear aligned for now, but divergence could signal a reversal if the price fails to hold above ¥37.85.

Backtest Hypothesis:
A potential strategy could involve entering long near ¥36.90 with a stop just below ¥36.75 and a target near ¥38.20. This aligns with the 61.8% Fibonacci retracement level and the 20-period EMA acting as dynamic support. A short entry could also be triggered on a breakdown below ¥37.85, especially if RSI moves below 30 and volume increases, confirming a bearish reversal. This setup, if confirmed by candlestick formations like a shooting star or bearish engulfing pattern near ¥38.98, could provide a robust short-term trade opportunity for aggressive traders.