Dogecoin Slides 2% as Resistance at $0.26 Triggers Profit-Taking
Dogecoin (DOGE) failed to hold above $0.26 on Wednesday, sparking institutional profit-taking that pulled the price back to around $0.25.
Accumulation Continues Despite Pullback
On-chain data shows large holders added approximately 30 million DOGE (roughly $8 million), indicating that accumulation remains intact even as near-term resistance caps upside momentum.
Trading Highlights
- DOGE traded in a 6% range between $0.24 and $0.26 over 24 hours.
- Price rallied to $0.26 in the afternoon session on 750 million DOGE in volume—double the daily average—before profit-taking reversed gains.
- A late-session dip below $0.25 occurred due to liquidation flows, confirming distribution.
- DOGE ended the day at $0.25, down about 2% from intraday highs.
Technical Analysis
- Resistance at $0.26 continues to challenge the token, with repeated rejections on elevated volume.
- Support levels at $0.25 and $0.24 remain key floors for short-term price stability.
- Sustained accumulation by whales underscores institutional confidence in DOGE’s broader market structure.
- A successful reclaim of $0.26 could pave the way to $0.27–$0.30, while $0.41 remains a long-term target tied to historical breakout cycles.
Key Observations for Traders
- Monitor whether DOGE can recover $0.25 support after recent liquidations.
- Watch for continued whale accumulation to offset distribution at resistance.
- A clean breakout above $0.26 may signal renewed upside momentum.
- Longer-term focus remains on $0.41, reflecting past cycle highs.
