Whale Buying Drive DOGE Up 8%, Technicals Point to Breakout in Sight

DOGE Jumps 8.4% as Whale Activity Drives Breakout Above $0.22

Dogecoin rallied sharply on August 8, climbing 8.4% in 24 hours as whale accumulation and rising institutional demand pushed the memecoin to its highest levels in weeks. The price surged from $0.20 to $0.22 in two distinct breakout phases, accompanied by a spike in trading volume that topped 1 billion DOGE.

The first leg of the rally began around 10:00, propelling DOGE to $0.213. A second, more aggressive wave between 19:00 and 22:00 pushed prices as high as $0.223. In total, the session saw nearly 9.5% intraday volatility, with the token trading within a $0.021 range.

According to CoinDesk data, new resistance is forming between $0.222 and $0.224, while strong support has held at $0.220—setting the stage for potential consolidation before the next major move.

Price & Volume Breakdown

• 24-Hour Gain: +8.4% | From $0.20 to $0.22
• Volatility Range: $0.021 (9.5%)
• Breakout Zones:
  • Morning rally: $0.20 → $0.213 (10:00)
  • Evening surge: $0.213 → $0.223 (19:00–22:00)
• Trading Volume: Surged past 1 billion DOGE (vs. 378M average)

Technical Landscape

• Resistance Zone: $0.222–$0.224
• Support Level: $0.220+ remains firm
• Chart Formation: Inverse head-and-shoulders identified near $0.21
• RSI: Approaching key breakout thresholds seen in previous 70% rallies
• Current Range: Consolidating between $0.2208 and $0.2223 on falling volume

Market Context

Whale wallets accumulated more than 1 billion DOGE in just 48 hours, a signal of growing confidence among large players. Analysts now expect the token to test mid-term resistance near $0.34, with extended upside targets as high as $0.50—particularly if momentum in altcoins continues and broader crypto sentiment remains positive.

The sharp spike in volume during the rally, combined with clear resistance breakouts and institutional footprints, has strengthened the case for an extended bullish move—pending confirmation of a breakout above $0.224.