Overview

DOGE’s price trajectory took a notable turn with over $200 million in whale-led purchases within 24 hours, pushing the price up to $0.23, where profit-taking emerged from short-term traders. The $0.22 level displayed strong resilience, resulting in significant long positioning.

Key Insights

• The $0.22 price level was consistently held, attracting leveraged long positions.
• A rise of 4% was observed, moving from $0.22 to $0.23.
• A subsequent drop of 1% to $0.227 was noted due to institutional selling pressures.

Technical Analysis

The analysis from August 8 at 04:00 to August 9 at 03:00 shows a 4% increase, with stability at $0.22 supported by a substantial bid-side volume of 262.2 million. In contrast, strong selling pressure was detected at $0.23 as peak volume reached 780.9 million.

Summary of Price Action

• Support: Confirmed at $0.22 with robust volume backing.
• Resistance: Stands at $0.23, characterized by heavy selling volume.
• The evening trading session experienced a sharp 1% decline due to increasing institutional selling.

What Traders Are Monitoring

• The sustainability of the $0.22 support against continued whale activity.
• Potential for breakout above $0.23 if selling pressure eases.
• The contribution of large holders in determining market direction.