DOGE Markets Show Positive Signals with 5.6% Rise Amid Whale Accumulation
The Dogecoin market saw a notable rise of 5.6%, driven by significant whale accumulation, despite some selling activity in the late session.
Key Insights
- DOGE experienced a rally of 5.6%, reaching a peak price of $0.238 before some profit-taking occurred.
- Whale investors acquired over 1 billion DOGE, indicating strong institutional interest.
- Key support levels were identified at $0.220 and $0.232, while resistance was noted at $0.238.
Market Overview
The meme coin displayed robust momentum early in the session before late profit-taking tampered some gains, but large-holder activity suggests ongoing institutional interest in DOGE.
Technical Analysis Summary
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DOGE marked a 5.6% increase over the 23-hour window ending on August 13, climbing from $0.225 to $0.233 with notable volatility.
Morning trading established $0.220 as a strong support level due to volumes that exceeded the 24-hour average of 387.7 million tokens. The price surged between 12:00 and 20:00 from $0.221 to $0.238.
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During the final trading hour, a 1.3% drop was observed, resulting from increasing selling pressure. The price fell from $0.235 to $0.232, although support re-emerged afterward.
News Context
Whale accumulation remains a critical factor, with over 1B DOGE (approximately $200M) purchased in recent trades. Large-holder ownership is nearing half of the circulating supply, demonstrating institutional confidence amid market fluctuations.
Price Action Highlights
- DOGE increased by 5.6%, from $0.225 to $0.233, during the period from August 12, 03:00 until August 13, 02:00.
- The price hit a session high of $0.238 before a late-session decline.
- Final support was found at $0.232 as whale accumulation surpassed 1 billion DOGE, valued around $200 million.
Technical Indicators
- Support levels: $0.220 (volume-supported morning defense), $0.232 (floor during final hour).
- Resistance levels: $0.238 (session high) and $0.235 (late-session limit).
- 24-hour volatility: 8.8%, indicating a $0.0198 range.
Traders’ Focus
- Monitoring potential retests of resistance at $0.238 for breakout opportunities.
- Observing the stability of support within the $0.220-to-$0.232 band as more sellers enter the market.
- Noting the continuation of whale accumulation in future sessions.
- Evaluating broader market impacts on the price behavior of DOGE.
