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2 months ago
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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, 5:08 a.m. Published Aug 9, 2025, 5:08 a.m.
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.
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 spans a $0.01 range, marking 5% volatility.
Support holds at $0.22 during the 05:00 session on strong bid-side volume of 262.2 million. Resistance emerges at $0.23 in the 14:00 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 August 8 04:00–August 9 03:00 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 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
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
CD Analytics
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All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
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