DOGE Rejected at $0.26, Slides 2% as Profit-Taking Hits
Dogecoin Market Update:
- Dogecoin's price failed to maintain above $0.26, leading to institutional profit-taking and a drop towards $0.25.
- Despite this decline, large holders accumulated 30 million DOGE (around $8 million), indicating ongoing accumulation even with resistance limiting upward movement.
Recent Trading Activity:
- Traded within a 6% range between $0.24 and $0.26 on Oct. 9.
- A spike to $0.26 was met with intense selling pressure, resulting in a pullback to $0.25 by the session's end.
- Late trading saw a dip below $0.25 due to liquidation flows, with a significant 14.6 million DOGE surge at 02:01.
- DOGE closed at $0.25, down approximately 2% from intraday highs.
Technical Insights:
- Resistance is solidified at $0.26 after multiple rejections on high volume.
- Support at $0.25 weakened late in the session due to liquidation, posing short-term downside risk.
- Accumulation of 30M DOGE by large wallets suggests institutional confidence.
- Reclaiming $0.26 could lead to $0.27–$0.30, while $0.24 is now a key support level.
Key Focus for Traders:
- Monitoring DOGE's ability to quickly regain $0.25 support post-liquidation.
- Observing if whale accumulation counters distribution at resistance.
- Watching for a breakthrough at $0.26 to restore upward momentum.
- Long-term focus on $0.41 resistance, linked to past breakout cycles.