DOGE Surges to $0.23 Amid Whale Accumulation and Selling Pressure
Whale accumulation significantly influenced the market, with over $200 million in DOGE acquired within 24 hours. The price maintained support at $0.22 through multiple tests, attracting leveraged long positions. However, resistance at $0.23 triggered profit-taking from short-term traders and large holders.
Technical Analysis Overview
DOGE increased by 4% from $0.22 to $0.23 between August 8 04:00 and August 9 03:00, experiencing 5% volatility. Support at $0.22 was validated with a bid-side volume of 262.2 million. Resistance emerged at $0.23 during peak selling pressure, reaching 780.9 million in volume. A late-session drop of 1% occurred, consolidating prices in the $0.227-$0.229 range.
Price Action Summary
- DOGE rallied 4% from $0.22 to $0.23, confirming support at $0.22
- 1% pullback observed as institutional selling pressure dropped price to $0.227
- Whale accumulation reached over 1 billion DOGE, bringing large-holder ownership close to half of the circulating supply
Technical Indicators Analysis
- $0.22 confirmed as key support with strong defense in early session
- $0.23 resistance reinforced by significant supply and peak volume of 780.9 million
- Late-session breakdown triggered by 11.4 million volume, followed by a spike of 24.1 million
- Final hour showed 8x average volume, indicating institutional exit flows
- Whale ownership concentration noted with 1 billion DOGE accumulated
What Traders Are Watching
- The resilience of $0.22 support in light of ongoing whale activity
- Breakout potential above $0.23 if supply zone is cleared
- Indicators of sustained large-holder accumulation versus distribution patterns
- Impact of broader meme coin sentiment on momentum