Dogecoin (DOGE) saw significant whale-led accumulation in the past 24 hours, with over $200 million worth of DOGE purchased. This accumulation has pushed large-holder ownership close to half of the circulating supply. Here's a breakdown of DOGE's recent price action.
- Price Movement: DOGE rose 4% in the 24-hour period ending August 9, climbing from $0.22 to $0.23. However, it experienced a sharp 1% pullback in the final 60 minutes, dropping to $0.227 due to institutional selling pressure.
- Support and Resistance: The $0.22 level held firmly on multiple retests, confirming it as a key support zone. In contrast, the $0.23 resistance zone triggered profit-taking from short-term traders and potential distribution from large holders.
- Trading Volume: Volume-backed defense was seen during the early session, with 262.2 million bid-side volume. However, selling pressure accelerated in the 14:00 hour, with volume peaking at 780.9 million.
- Technical Indicators: The Relative Strength Index (RSI) is approaching levels that have historically preceded significant rallies of around 70%. An inverse head-and-shoulders pattern has also been identified, with liquidation clusters observed near $0.21.
What Traders Are Watching
- $0.22 Support: Whether the $0.22 support holds on the next test amid continued whale activity.
- Breakout Potential: Breakout potential above $0.23 if the supply zone clears, potentially driving the price towards $0.25.
- Large-Holder Activity: Signs of sustained large-holder accumulation versus distribution patterns.
- Broader Meme Coin Sentiment: The impact of broader meme coin sentiment on DOGE flows and price movement.
Current Price and Market Cap
- Current Price: DOGE is currently trading at $0.2346, with a 6.34% increase in the last 24 hours.
- Market Cap: The market capitalization of DOGE stands at $35.29 billion, with a 6.35% increase.