Dogecoin Climbs to $0.23 as Whale Activity Intensifies, But Resistance Zone Holds Firm
Dogecoin (DOGE) posted a 4% daily gain, rising from $0.22 to $0.23 in a move fueled by large-scale accumulation and leveraged long interest. However, gains were capped as short-term profit-taking emerged near the $0.23 supply zone, halting further breakout momentum.
Accumulation Underpins Support at $0.22
Whale accumulation dominated early-session flows, with more than 1 billion DOGE (approx. $200 million) acquired over a 24-hour span. The $0.22 level served as a critical support zone, successfully holding through several retests amid heavy bid-side volume, attracting leveraged traders and reinforcing bullish sentiment.
$0.23 Resistance Triggers Selling Pressure
Despite sustained buying interest, DOGE encountered stiff resistance at $0.23, sparking short-term profit-taking and potential distribution from larger holders. Trading volumes peaked at 780.9 million DOGE during this period, signaling a strong supply response at that level.
Late-Session Pullback and Volume Surge
In the final hour of trading, DOGE dropped 1% from $0.23 to $0.227. The decline was triggered by a sharp volume spike — 11.4 million DOGE at 03:34 UTC, immediately followed by 24.1 million in the next minute — likely indicating algorithmic or institutional selling. Price action then tightened, with DOGE consolidating in a narrow $0.227–$0.229 band.
Key Metrics and Technical Insights
- Price Movement: DOGE rose 4% from $0.22 to $0.23 (Aug. 8 04:00 – Aug. 9 03:00 UTC)
- Volatility: 5% daily range
- Support: $0.22 confirmed via 262.2M volume defense
- Resistance: $0.23 rejection with 780.9M volume peak
- Whale Flows: 1B DOGE accumulated, pushing large-holder share toward 50% of total supply
- Volume Signal: Final hour registered 8x average hourly volume, signaling institutional exit or rotation
Outlook
DOGE’s ability to hold $0.22 through high-volume retests suggests ongoing bullish interest, though the failure to reclaim levels above $0.23 underscores the presence of overhead supply. Consolidation near $0.227 may continue in the short term as markets digest large-holder flows and await a clear breakout or breakdown signal.
