DOGE Futures Open Interest Slides 8%, but Golden Cross Signal Remains Unbroken

Dogecoin Drops After Whale Moves to Binance, Support at $0.23 in Focus

Dogecoin reversed sharply after a brief rally to $0.25 over the weekend, as large whale transfers to Binance triggered renewed sell pressure. With momentum fading and resistance holding firm, traders are now closely watching the $0.23 support level for signs of further downside.

Background & Market Dynamics

DOGE gained attention on August 24 following a transfer of 900 million tokens (worth over $200 million) to Binance, a move widely seen as a precursor to near-term selling. This came just as the asset was testing overhead resistance at $0.25, capping its earlier gains.

Despite signs of institutional accumulation earlier in August—with over 680 million DOGE absorbed by large wallets—this recent transfer raised short-term caution among traders. Meanwhile, macro sentiment turned risk-off following hawkish central bank commentary and new trade headlines, weighing on crypto markets broadly.

Futures data echoed the shift, with DOGE open interest dropping 8%, signaling a cooling of speculative positioning.

Price Action Highlights

• Range: DOGE traded between $0.23 and $0.25 over a 24-hour window (Aug 24 06:00 – Aug 25 05:00 UTC).
• Spike & Reversal: Prices briefly surged to $0.25 around 19:00 UTC on high volume (2.29 billion tokens), before swiftly retracing.
• Close: The token fell to $0.23 and settled at $0.228 by session end, down 3% on the day.
• Late-Session Weakness: Intraday support at $0.229 gave way during the final trading hour, suggesting bearish continuation.

Technical Picture

• Resistance: Strong rejection at $0.25 indicates significant overhead supply.
• Support: $0.23 has served as a short-term floor, but multiple retests hint at weakening.
• Volume: Distribution volume peaked between 05:07–05:08 UTC, with activity reaching 10–12 million DOGE per minute.
• Pattern: Sideways consolidation between $0.228 and $0.233 reflects uncertainty, with momentum tilted slightly bearish.
• Trend Indicators: A golden cross remains intact on higher timeframes, though immediate strength depends on reclaiming $0.24.

What Traders Are Watching

• $0.23 Level: A breakdown could open the door to deeper losses toward $0.21.
• Whale Activity: Further Binance inflows could increase downside pressure, while renewed accumulation may support recovery.
• Futures & Leverage: A rebound in open interest could drive the next directional move.
• Macro Signals: Crypto remains sensitive to Fed signals—any dovish tilt could spark risk-on flows.
• Sector Correlation: DOGE continues to move in tandem with meme peers like SHIB and PEPE, influencing short-term sentiment.