DOGE Hits 23-Cents on Whale Buying, Supply Zone Stalls Breakout
Main Idea
DOGE's price rose to $0.23 due to whale buying but faced resistance, leading to a late-session pullback as traders took profits.
Key Points
1. DOGE's price increased by 4% from $0.22 to $0.23 within 24 hours, driven by whale-led accumulation of over $200 million.
2. Strong support was observed at $0.22, while resistance at $0.23 triggered profit-taking and selling pressure.
3. Late-session trade saw a sharp 1% drop from $0.23 to $0.227, with significant volume spikes indicating institutional selling.
4. Whale accumulation reached 1 billion DOGE, marking substantial ownership and influencing market dynamics.
5. Traders are monitoring whether $0.22 support holds and the potential for a breakout above $0.23 if supply pressure eases.
Description
Whale-led accumulation dominated early and mid-session flows, with over $200 million in DOGE purchased over 24 hours. The $0.22 level held firmly on multiple retests, drawing in leveraged long positioning. However, the $0.23 resistance zone triggered profit-taking from short-term traders and potential distribution from large holders. Technical Analysis Overview DOGE rises 4% in the 24-hour period ending August 9, climbing from $0.22 to $0.23 between August 8 04:00 and August 9 03:00. The move sp...
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