Whales Buy $200M+ DOGE as Price Tests $0.23 Resistance
Over the past 24 hours, Dogecoin (DOGE) rallied 4% as whale accumulation exceeded $200 million, lifting price from $0.22 to a peak of $0.23. This Dogecoin rally attracted strong bid-side volume of 262.2M DOGE at $0.22 support. Supply pressure and peak selling volume of 780.9M DOGE at the $0.23 resistance zone triggered profit-taking. Late-session institutional selling led to a brief 1% pullback to $0.227, underscoring short-term volatility. Technical indicators highlight $0.22 as a key floor and $0.23 as a near-term ceiling. Traders should watch for a decisive break above $0.23 for continued bullish momentum or a retest of $0.22 support.
Bullish
Whale accumulation of over $200M suggests strong buying interest and support, which typically drives Dogecoin’s price higher. The concentrated bid volume at $0.22 and successful defense of this floor signal trader confidence. Testing of the $0.23 resistance and subsequent profit-taking highlight potential short-term volatility, but the pullback remains shallow. If whales continue to accumulate and DOGE breaks above $0.23, it could trigger further bullish momentum. Conversely, a retest of $0.22 may offer new entry points for traders. Overall, the dominance of whale buying and limited downside risk favor a bullish outlook in both short and medium terms, though traders should remain cautious of sudden reversals around resistance levels.