DOGE Volatility Analysis for Fed Interest Rate, 3rd May 2023

Data Analysis

On 3rd May, 2023, the Federal Open Market Committee has decided to increase the interest rate by 25 basis points for a target interest rate at 4.75-5.00%.

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 96.781M DOGE with prices swinging between 0.077260 and 0.078280, representing a swing of 1.30%. Subsequently, the trading volume increased considerably by 74% to 168.75M DOGE. Price action ranged from a low of 0.077660 to a high of 0.079350, a significant difference of 2.13%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 9.827M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.077570 to a high of 0.078240, a 0.86% change. Immediately following, trading volume increased significantly by 180% to 27.521M DOGE. At this time, Dogecoin hit a low of 0.077750 with a high of 0.078600, a change of 1.08%.

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.