DOGE Volatility Analysis for GDP Report, 30th July 2024

Data Analysis

The data released by Bureau of Economic Analysis for Gross Domestic Product Report on 30th July, 2024 has come in at an increase to 2.8% for 2024 2nd Quarter. Compared to the previous release for 2024 1st Quarter at 1.4%, 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 64.429M DOGE with prices swinging between 0.128390 and 0.130240, representing a swing of 1.42%. Subsequently, the trading volume increased considerably by 89% to 122.059M DOGE. Price action ranged from a low of 0.126360 to a high of 0.129600, a significant difference of 2.50%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 4.104M DOGE in trading volume was observed prior to the data release. Prices ranged between a low of 0.128390 to a high of 0.129200, a 0.63% change. Immediately following, trading volume increased considerably by 84% to 7.543M DOGE. At this time, Dogecoin hit a low of 0.128400 with a high of 0.129600, a change of 0.93%.

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.