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DOGE Hits 23-Cents on Whale Buying, Supply Zone Stalls Breakout
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.
Updated Aug 9, 2025, 4:23 p.m. Published Aug 9, 2025, 5:08 a.m.
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What to know:
- Over $200 million in DOGE was purchased within 24 hours, driven by whale-led accumulation.
- DOGE's price rose 4% from $0.22 to $0.23, with strong support at $0.22 and resistance at $0.23.
- The final trading hour saw a 1% drop to $0.227 due to institutional selling pressure.
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.
STORY CONTINUES BELOW
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Technical Analysis Overview
DOGE rises 4% in the 24-hour period ending Aug. 9, climbing from $0.22 to $0.23 between Aug. 8 04:00 and Aug. 9 03:00 UTC. The move spans a $0.01 range, marking 5% volatility, according to CoinDesk Research's technical analysis data.
Support holds at $0.22 during the 05:00 UTC session on strong bid-side volume of 262.2 million. Resistance emerges at $0.23 in the 14:00 UTC hour as selling pressure accelerates, with volume peaking at 780.9 million. Supply zone above $0.23 caps upside momentum.
Late-session trade sees a sharp 1% drop from $0.23 to $0.227 between 02:39 and 03:38. Breakdown occurs at 03:34 on 11.4 million volume, followed by a 24.1 million spike at 03:35. Price consolidates in a tight $0.227-$0.229 band into the close.
Price Action Summary
• DOGE rallies 4% from $0.22 to $0.23 during Aug. 8 04:00 to Aug. 9 03:00 UTC session, confirming $0.22 support
• Sharp 1% pullback in final 60 minutes as institutional selling pressure hits, dropping price to $0.227
• Whale accumulation tops 1 billion DOGE worth $200 million, lifting large-holder ownership close to half of the circulating supply
Technical Indicators Analysis
• $0.22 confirmed as key support with volume-backed defense in early session
• $0.23 resistance reinforced by heavy supply and 780.9 million volume peak
• Late-session breakdown triggered on 11.4M followed by 24.1M volume spike
• Final hour records 8x average volume, signaling institutional exit flows
• Whale accumulation at 1 billion DOGE marks significant ownership concentration
What Traders Are Watching
• Whether $0.22 support holds on the next test amid continued whale activity
• Breakout potential above $0.23 if supply zone clears
• Signs of sustained large-holder accumulation versus distribution patterns
• Broader meme coin sentiment as a momentum driver
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