DOGE Hits $0.23 on Whale Demand Before Supply Zone Pushes Price Lower
Dogecoin (DOGE) climbed to $0.23 during Wednesday’s session, gaining 4% amid rising whale interest and leveraged long positions. However, the rally stalled at a key supply zone as short-term traders and large holders began locking in profits, triggering a late-session pullback.
Whales Accumulate as $0.22 Support Holds
Whale-driven buying was evident throughout the session, with over **1 billion DOGE—valued at $200 million—**acquired in under 24 hours. The $0.22 level, retested several times, acted as a strong support base, attracting long-biased flows and stabilizing prices during early trading.
This accumulation phase coincided with heightened trading activity and leveraged positioning, reinforcing the $0.22 area as a technically significant support level.
$0.23 Resistance Caps Upside Momentum
DOGE briefly broke above $0.23 during the mid-session push, but the level quickly acted as a ceiling. Trading volume surged to 780.9 million DOGE during the 14:00 UTC hour as sellers stepped in, suggesting the area between $0.23 and $0.231 remains a heavy supply zone.
Profit-taking from short-term holders and potential distribution from larger wallets reversed momentum, preventing a sustained breakout.
Late Pullback Highlights Cautious Sentiment
In the final hour of trade, DOGE fell from $0.23 to $0.227, marking a 1% drop. The decline was triggered by a burst of high-volume activity, including an 11.4 million DOGE sell print at 03:34 UTC, followed by a 24.1 million DOGE spike a minute later. Prices then consolidated tightly between $0.227 and $0.229, reflecting indecision following the selloff.
Technical Summary
- 24h Performance: DOGE gained 4%, trading from $0.22 to $0.23
- Support Zone: $0.22 remains firm, backed by 262.2M DOGE bid-side volume
- Resistance Zone: $0.23 reinforced by peak sell volume of 780.9M DOGE
- Volatility: Daily range of 5%
- Whale Flows: Over 1 billion DOGE accumulated, increasing large-holder concentration
- Exit Signals: Final-hour volumes surged 8x average, suggesting institutional selling
Market Outlook
DOGE remains range-bound between $0.22 and $0.23, with whale activity and leveraged positioning hinting at accumulation under resistance. However, repeated rejection at $0.23 and high-volume exits suggest cautious sentiment at the top of the range. A decisive breakout above $0.231 or breakdown below $0.22 will likely define the next directional move.
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