Dogecoin (DOGE) is experiencing significant price volatility, with the meme coin dropping to $0.2489, representing an 11% weekly decline and a 7.2% decrease over the last 24 hours. Despite this pullback, trading volumes have surged dramatically, increasing 83.4% to $2.94 billion in the last day, while futures volume spiked 114.5% to $7.43 billion.
Technical indicators show concerning signals as DOGE has formed a "death cross" pattern on short-term charts, where short-term moving averages have fallen below long-term ones. This pattern emerged after DOGE dropped from $0.2889 to $0.2631, marking the second time in recent weeks that the cryptocurrency has fallen below key hourly moving averages.
Institutional activity remains robust despite retail caution. CryptoQuant data indicates that retail enthusiasm remains muted, with the Futures Retail Activity metric in neutral territory - unlike during previous peaks in May 2021 and late-2024. This suggests that "smart money" and institutional investors are driving current accumulation, with Cleancore Solutions adding 100 million DOGE to bring its total holdings to over 600 million DOGE.
ETF developments provide structural support for long-term demand. The first U.S. spot Dogecoin ETF, REX-Osprey's DOJE, launched on September 12 and raised $17 million within its first 24 hours. Grayscale has also filed to convert its closed-end Dogecoin trust into an ETF (ticker: GDOG) on NYSE Arca, with Polymarket traders pricing in a 91% chance of approval pre-launch.
Technical analysis shows DOGE consolidating near $0.25 with immediate support at $0.24 and stronger support around $0.22. Resistance sits at $0.285, with a break above potentially allowing a retest of $0.30. The RSI at 48.7 indicates neutral conditions, while longer-term moving averages remain bullish despite short-term bearish pressure.