DOGE Volatility Analysis for CPI, 10th May 2023

Data Analysis

The data released by Bureau of Labor Statistics for Consumer Price Index on 10th May, 2023 has come in at an increase to 0.5% for April 2023. Compared to the previous release for March 2023 at 0.3%, we can see that prices & inflation is increasing month over month.

To see the impact and volatility of DOGE's price during the CPI release, we will first observe the difference in volume and price changes on the 4-hours chart, followed by the 15-minutes chart. Change in prices will be be determined by the high and low prices instead of the opening and closing prices.

4-Hours Chart Analysis

In the period prior to the release, the trading volume was 67.431M DOGE with prices swinging between 0.072450 and 0.072930, representing a swing of 0.66%. Subsequently, the trading volume increased significantly by 178% to 187.131M DOGE. Price action ranged from a low of 0.072700 to a high of 0.074700, a significant difference of 2.68%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 8.269M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.072450 to a high of 0.072930, a 0.66% change. Immediately following, trading volume increased significantly by 487% to 48.553M DOGE. At this time, Dogecoin hit a low of 0.072700 with a high of 0.074000, a significant change of 1.76%.

About Consumer Price Index

The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. The CPI is one of the most popular measures of inflation and deflation. The index is published monthly by the U.S. Bureau of Labor Statistics (BLS).