Sharp 7% Drop Sends DOGE Toward 22-Cents Support on High-Volume Selloff
Main Idea
DOGE experienced a sharp 7% drop to $0.22 due to high-volume selling pressure, with resistance at $0.238 and support at $0.226, while market analysis suggests potential seller exhaustion.
Key Points
1. DOGE fell 6.88% from $0.24 to $0.22 as sellers dominated the market, with significant selling pressure observed at $0.238.
2. Support was established at $0.226 with 793.38M in buy-side volume, while secondary resistance formed at $0.231 after multiple failed rally attempts.
3. Final-hour trading saw DOGE range-bound between $0.2247-$0.2253 with volume compression, indicating possible seller exhaustion.
4. Whale and institutional profit-taking at $0.238 resistance triggered a breakdown below $0.23, forcing retests of $0.226 support.
5. Traders are watching for a retest of $0.22 support, breakout attempts above $0.231, and potential whale accumulation after the selling climax.
Description
Technical Analysis Overview DOGE falls 6.88% in the 24-hour period ending August 12, dropping from $0.24 to $0.22 as sellers overwhelm bid-side liquidity. The heaviest pressure hits at 07:00 on August 11, with price sliding from $0.238 to $0.233 on 485.69M volume — 31% above the daily average of 371.45M. This establishes $0.238 as a major resistance level. Buyers step in at $0.226 during the 11:00 session, generating 793.38M in volume. Secondary resistance forms at $0.231 as multiple rally attem...
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