3 Minutes
Summary — DOGE Price, On-Chain Flows and Market Structure
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Dogecoin (DOGE) has seen mixed signals this week: exchange futures open interest fell after new inflows, while on-chain wallets labeled as whales continued to accumulate large amounts of the token. Despite retail selling pressure, data shows roughly 680 million DOGE were added to large addresses during August, suggesting growing institutional or large-holder exposure.
Network Health and Mining Security
Beyond price moves, Dogecoin’s network fundamentals remain solid. Hashrate recently climbed above 2.9 petahashes per second, reinforcing miner participation and overall mining security at near-record levels. Strong hashrate supports long-term network resilience and reduces the risk of attacks.
Price Action and Key Levels
Over the latest 24-hour session, DOGE slipped from $0.22 to $0.21, a roughly 5% decline inside an intraday band between $0.23 and $0.21. The most pronounced drop occurred between 07:24–08:23 GMT on Aug. 29, when DOGE fell about 0.57% during a volume spike of 27.36 million tokens at 08:20.
Notably, mid-session flows of ~626.3 million DOGE coincided with the breakdown through $0.22, establishing $0.21 as immediate support. After heavy liquidation, the token largely consolidated around $0.21 into the close, indicating temporary stabilization.
Technical Snapshot
- Support: $0.21 is the primary floor; a decisive breach could push prices toward $0.20.
- Resistance: $0.23 remains the short-term ceiling after repeated rejections.
- Momentum: RSI sits near the mid-40s, suggesting a neutral-to-bearish bias.
- MACD: A bearish divergence persists with no bullish crossover confirmed.
- Pattern: Tight consolidation between $0.21–$0.23 indicates a compression phase; breakout direction likely depends on whale flows and futures demand.
- Volume: The elevated 626.3 million token flow during the $0.22 breakdown points to continued distribution from large holders.
What Traders and Investors Are Watching
Market participants will be focused on several crypto-specific indicators: whether $0.21 holds under ongoing whale selling pressure; whether a break above $0.23 can trigger a move toward $0.25–$0.30; signs of renewed institutional accumulation as large wallets move supply; and futures open interest trends after the recent 8% decline, which are crucial for assessing leveraged demand.
Outlook
Overall, Dogecoin’s mix of on-chain accumulation by whales and high mining hashrate provides a counterbalance to short-term price weakness. Traders should watch support/resistance levels, whale transfer activity, and futures open interest to gauge whether this compression resolves into renewed upside or deeper downside.
Source: coindesk
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