DOGE Declines 8% Amid Increased Institutional Accumulation at $0.21
Key Information
DOGE experienced an 8% drop from $0.22 to $0.21 between July 31 and August 1, marking a significant daily decline. The price fluctuated within a $0.03 range, peaking at $0.23 and hitting a low of $0.20.
- Trading volume surged to 1.25 billion DOGE, far exceeding the average of 365 million, indicating increased liquidation activity.
- Resistance at $0.23 remained strong despite initial attempts to break through.
- Short-term support was established at $0.21, with multiple tests during the final hour.
- Institutional wallets accumulated 310 million DOGE during the price correction.
- Bit Origin added 40 million DOGE to its treasury as part of a corporate diversification program valued at $500 million.
- Broader crypto markets are under pressure due to macroeconomic uncertainty regarding inflation and interest rates.
Price Movement Overview
DOGE tested $0.23 but could not maintain momentum. A significant sell-off occurred after midnight, leading to a low of $0.20. It slightly rebounded to $0.21, showing signs of stabilization.
Technical Highlights
- 8% decline with a $0.03 trading range.
- Confirmed resistance at $0.23 after failed breakouts.
- Support near $0.21 held firm, indicating accumulation.
- Volume peaked at 1.25 billion DOGE, nearly three times the daily average.
- Narrowed price action around $0.21 suggests potential base formation.
Trader Focus Areas
- Sustainability of DOGE above the $0.21–$0.20 support range in upcoming sessions.
- Follow-through accumulation from recent investors.
- Impact of macroeconomic signals on crypto market sentiment.
- Response to DOGE's inclusion in Bit Origin’s strategic allocation plans.