During the day, the price of the meme coin
DOGE showed a noticeable increase, but at the level of $0.24, it faced strong resistance and by the end of the session retreated to $0.23. The short-term momentum was supported by a surge in volume—around $780 million—but increased supply from large players did not allow it to hold at new heights.
Main reasons for weakening:
- “Whales” withdrew about 40 million DOGE from the market, reducing total reserves from approximately 11 billion to 10.75 billion coins.
- Asset redistribution among large holders limited the upward potential, despite high activity in the spot market.
- Lack of significant fundamental news: price movement was mainly determined by technical factors, order flows, and trader positioning.
Technical analysis:
- Support: the $0.23 zone continues to demonstrate strength; below it lies the 200-day moving average (~$0.22).
- Resistance: $0.24 remains a key level—repeated unsuccessful attempts to break through confirm the presence of serious supply.
- Trend: as long as the price holds above the 200-day SMA, the overall upward structure remains.
- Outlook: a forming “golden cross” is possible—a reversal signal if short-term moving averages cross upwards.
Possible scenarios:
- Bullish scenario: a confident breakout and candle close above $0.24 could open the way to $0.245–0.25, and further to $0.255.
- Bearish scenario: a breakout below $0.22 (the 200-day SMA level) could signal a trend change to bearish.
What to pay attention to:
- The dynamics of sales from large holders, volumes when testing key levels, and the behavior of moving averages.
Currently, DOGE is trading in a narrow range of $0.23–0.24. The strength of support at $0.23 leaves chances for a new attempt to rise in the near future.
