DOGE Volatility Analysis for GDP Report, 29th October 2020

Data Analysis

The data released by Bureau of Economic Analysis for Gross Domestic Product Report on 29th October, 2020 has come in at an increase to 33.1% for 2020 3rd Quarter. Compared to the previous release for 2020 2nd Quarter at -31.4%, we can see that GDP growth is increasing quarterly.

To see the impact and volatility of DOGE's price during the GDP Report 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 76.575M DOGE with prices swinging between 0.002506 and 0.002584, representing a swing of 3.02%. Subsequently, the trading volume decreased by 11% to 67.984M DOGE. Price action ranged from a low of 0.002511 to a high of 0.002582, a difference of 2.77%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 23.527M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.002506 to a high of 0.002541, a 1.39% change. Immediately following, trading volume decreased by 48% to 12.122M DOGE. At this time, Dogecoin hit a low of 0.002511 with a high of 0.002537, a change of 1.04%.

About Gross Domestic Product Report

The GDP report is one of the BEA's most crucial outputs. It tells us the monetary value of all the finished goods and services produced within a country's borders in a specific time period. GDP gives the public an indication of an economy's size. Moreover, when compared against prior periods, this data can reveal whether the economy is expanding (producing more goods and services) or contracting (registering declining output). The direction of GDP helps central banks determine whether it is necessary to intervene with monetary policy or not.