Between August 24–25, a whale moved 900 million DOGE (worth over $200 million) to Binance, raising concerns about distribution from long-term holders.
Corporate treasuries and institutional funds have decreased their meme-coin exposure due to growing regulatory uncertainty and macroeconomic challenges.
Network security remains strong, with Dogecoin’s hashrate exceeding 2.9 petahashes per second, indicating robust mining activity despite price fluctuations.
While overall crypto markets are supported by expectations of Fed policy easing, DOGE is still lagging behind major cryptocurrencies like BTC and ETH.
Price Action Summary
DOGE decreased by 5% from August 28 at 09:00 to August 29 at 08:00, dropping from $0.22 to $0.21.
The token traded within a limited $0.011 range, hitting a high of $0.23 and a low of $0.21.
Institutional selling was noticeable, with 626.3 million tokens exchanged during morning trading as $0.22 support failed.
The most significant movement occurred between 07:24 and 08:23 GMT on August 29, when DOGE fell 0.57% from $0.22 to $0.21 on a volume spike of 27.36 million tokens.
Technical Analysis
Support: Initial stability around $0.22 has been lost; $0.21 is now the immediate support level.
Resistance: $0.23 remains a near-term barrier, consistently rejecting upward attempts.
Momentum: RSI is currently in the mid-40s, signaling a neutral-to-bearish bias with limited upward momentum.
Volume: Daily trading volume surpassed 280.5 million tokens, primarily driven by institutional selling during peak periods.
Indicators: MACD lines are showing a bearish divergence, indicating further downside risks unless the price recovers to $0.22.
Pattern: A tight range of $0.21–$0.23 indicates consolidation, but repeated lower highs suggest a risk of further declines.
What Traders Are Watching
$0.21 is a crucial support level; breaking below could expose $0.20.
A breakthrough at $0.23 may shift momentum and create potential targets of $0.25–$0.30.
Observers are focusing on whale inflows following the $200 million transfer to Binance.
Futures open interest has declined by 8% earlier this week, serving as an indicator of speculative sentiment.
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