Dogecoin, the largest meme coin, posted a strong 9.48% daily gain, climbing to $0.2381 with a market cap of $35.81 billion. The move comes amid a sharp increase in trading volume, which surged over 160% to $5.3 billion. Also, because of a mix of whale accumulation, market rotation into altcoins, and technical strength, despite lingering concerns over Dogecoin’s security model. Curious about where Dogecoin price could stroll next? Join me as I decode the same.
Dogecoin Price Analysis
DOGE price has broken decisively above its 30-day SMA at $0.222 and cleared the Fibonacci 23.6% retracement level at $0.239. Over the past 24 hours, price ranged between $0.2088 and $0.2417, with buyers stepping in aggressively. This was after whales scooped up 680 million DOGE, worth about $161 million, between August 20 and 21. This large-scale accumulation, now accounting for nearly half the circulating supply, reduced selling pressure from retail traders and signaled strong institutional confidence.
From a technical perspective, the $0.22 level now serves as immediate support. If DOGE holds above this zone, it may retest $0.26, where a previous resistance zone lies. A sustained move above $0.26 could open the door toward $0.30 in a high-volume breakout scenario. However, failure to maintain $0.22 could trigger profit-taking, pulling prices back toward $0.21 or even $0.203.
Meanwhile, developers are exploring integrating zero-knowledge proofs, a proposal aimed at enabling DeFi applications on Dogecoin. If implemented, this could give DOGE real utility beyond payments, potentially supporting the long-term DOGE price.
FAQs
Whale accumulation of 680M DOGE, reduced retail selling pressure, and increased trading volume have pushed prices higher.
The support at $0.22 and resistance at $0.26 are critical. A break above $0.26 could send Dogecoin price toward $0.30.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed