DOGE Volatility Analysis for Fed Interest Rate, 31st January 2024

Data Analysis

On 31st January, 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 93.903M DOGE with prices swinging between 0.078180 and 0.080050, representing a swing of 2.34%. Subsequently, the trading volume increased by 13% to 105.911M DOGE. Price action ranged from a low of 0.078000 to a high of 0.080090, a difference of 2.61%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 13.104M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.079520 to a high of 0.079840, a 0.40% change. Immediately following, trading volume decreased by 74% to 3.356M DOGE. At this time, Dogecoin hit a low of 0.079540 with a high of 0.079890, a change of 0.44%.

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.