Dogecoin (DOGE) experienced a notable trading session, operating within a range of 5% before a late downturn caused by pressure from institutional liquidations. Despite this volatility, the cryptocurrency has managed to establish a floor at $0.251, and its recent rebound toward $0.264 indicates some underlying strength.
Throughout the period from October 2, 04:00 to October 3, 03:00, DOGE fluctuated between $0.251 and $0.264, ultimately securing a modest 2.7% net gain. This period was marked by a series of intraday corrections and recoveries that traders navigated with keen interest. Analysts suggest that flows from institutional investors are the primary force driving market activity, with speculation surrounding exchange-traded funds (ETFs) contributing to sustained bid interest.
Technical analysis reveals an ascending megaphone pattern emerging alongside hidden bullish divergence, hinting at the potential for upward movement despite the selling pressure experienced in recent sessions. The market remains fragile, with late-session selloffs challenging short-term support levels.
During the day, DOGE’s price dipped to $0.251 around 14:00 before making a recovery that took it up to $0.264 by 21:00. Notably, during the downturn, selloff volumes peaked at a staggering 666 million tokens, while a subsequent rebound saw 414 million tokens changing hands. Throughout this volatility, support has been consistently established in the $0.251 to $0.253 range, while resistance has solidified around $0.262 to $0.264.
Towards the conclusion of the trading session, DOGE slipped slightly from $0.261 to $0.260, impacted by a notable spike in selling activity totaling 33.1 million tokens, which indicated institutional liquidation events driving price dynamics.
From a technical standpoint, the critical support zone remains firmly anchored at $0.251 to $0.253, where buyers have consistently entered the market. In contrast, resistance levels are firmly established between $0.262 and $0.264, which have previously capped attempts at upward movement. Traders are now focused on whether DOGE can successfully stabilize above the $0.260 threshold following the recent liquidations.
Looking ahead, key areas of interest for traders include a potential retest of the support levels if selling continues into the U.S. trading hours. A confirmation of bullish divergence and successful breakout from the megaphone pattern could set the stage for price targets reaching $0.34 should buyers regain control and push above the $0.262 resistance level.
Additionally, ongoing speculation related to potential ETF developments could reignite interest in meme-coins like DOGE and Shiba Inu (SHIB), further influencing market momentum.
