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

Data Analysis

On 31st July, 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 83.423M DOGE with prices swinging between 0.124960 and 0.127350, representing a swing of 1.88%. Subsequently, the trading volume increased considerably by 99% to 166.322M DOGE. Price action ranged from a low of 0.121200 to a high of 0.126590, a significant difference of 4.26%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 4.938M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.126240 to a high of 0.127030, a 0.62% change. Immediately following, trading volume increased significantly by 134% to 11.548M DOGE. At this time, Dogecoin hit a low of 0.125470 with a high of 0.126590, a change of 0.88%.

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.