In the past 24 hours, Dogecoin's trading volume and price movements have experienced significant changes. Dogecoin purchases exceeded $200 million, primarily driven by large investors. Influenced by bulk buyers and short-term investors selling off, Dogecoin's price found support at $0.22 and tested the resistance level of $0.23.

Institutional buying and support levels

From the morning of August 8 to the morning of August 9, Dogecoin (DOGE) rose by 4%. The price has consistently received support at the level of $0.22, thanks to substantial buying, especially from well-known investors (commonly referred to as 'whales'). This wave of buying totaled 1 billion Dogecoins, indicating that these large investors may control about half of the circulating supply.

Around midday, the price reached $0.23, forming a strong resistance level. The increase in supply at this level intensified selling pressure, preventing further upward movement. Around 2 PM, Dogecoin's trading volume peaked at 780.9 million.

Volatility and end-of-day selling volume

In the last few hours of trading, the price surge was interrupted by a 1% decline within an hour, quickly dropping from $0.23 to $0.227. Shortly after, Dogecoin's trading volume reached 11.4 million, then rose to 24.1 million, fluctuating between $0.227 and $0.229.

During this rapid sell-off, the average trading volume reached about 8 times its usual level. This is interpreted as major international investors actively closing positions.

Analysts observed, 'Trading volume increased at significant support and resistance levels, with institutional participants exiting positions.'

Technical indicators and investor expectations

From a technical perspective, $0.22 has become a psychological support level with strong trading volume, indicating active buying at this price level. Conversely, $0.23 is seen as a short-term upper limit, with considerable trading volume. Technical indicators suggest that investors should be cautious about the possibility of $0.22 being tested again, as well as whether a breakout above $0.23 could trigger a new upward trend.

Analysts stated, 'With the increase in large holders, attention needs to be paid to price levels and trading volume.'

Furthermore, some market participants believe that popular trends on social media may influence price trends. Investors are considering the possibility of market sentiment triggering a new wave of volatility.

Overall, market trends remain driven by long-term accumulation activities in the low range and selling pressure from short-term investors. Technical indicators and volume metrics suggest that volatility may persist in the short term.