DOGE Volatility Analysis for Fed Interest Rate, 1st May 2024

Data Analysis

On 1st May, 2024, the Federal Open Market Committee has decided to maintain the target interest rate at 5.25-5.50%.

To see the impact and volatility of DOGE's price during the Fed Interest Rate 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 578.715M DOGE with prices swinging between 0.120100 and 0.126650, representing a swing of 5.17%. Subsequently, the trading volume increased considerably by 55% to 896.295M DOGE. Price action ranged from a low of 0.126080 to a high of 0.132920, a difference of 5.15%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 46.767M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.124350 to a high of 0.126650, a 1.82% change. Immediately following, trading volume increased significantly by 259% to 167.884M DOGE. At this time, Dogecoin hit a low of 0.126080 with a high of 0.130020, a significant change of 3.03%.

About Federal Reserve Interest Rate Decision

The Federal Open Market Committee (FOMC) has eight regularly scheduled meetings each year, but they can meet more often if the need should arise. The meetings are not held in public and are therefore the subject of much speculation on Wall Street, as analysts attempt to predict whether the Fed will tighten or loosen the money supply with a resulting increase or decrease in interest rates.