Dogecoin, the biggest meme coin, achieved a strong daily profit of 9.48% and climb to $ 0.2381 with a market capitalization of $ 35.81 billion. The move comes in the midst of a strong increase in trade volume, which rose by more than 160% to $ 5.3 billion. Also because of a mix of whale accumulation, market trotation in altcoins and technical force, despite persistent concerns about Dogecoin’s security model. Curious about where Dogecoin price could walk after that? Come with me while I have the same decostle.
Dogecoin price analysis
DOG price is decided above his 30-day SMA broken at $ 0.222 and the Fibonacci knew 23.6% retracement level at $ 0.239. In the last 24 hours the price varied between $ 0.2088 and $ 0.2417, with buyers entering aggressively. This was after whales had scooped 680 million doge, worth around $ 161 million, between 20 and 21 August. This large -scale accumulation, which was now good for almost half of the circulating supply, reduced sales pressure of retail traders and signaled strong institutional trust.
From a technical perspective, the $ 0.22 level now serves as immediate support. If Doge holds above this zone, this can again test $ 0.26, where there is an earlier resistance zone. A persistent movement above $ 0.26 could open the door to $ 0.30 in a scenario with a large volume. However, not maintaining $ 0.22 can make a profit, which means that prices are withdrawn to $ 0.21 or even $ 0.203.
In the meantime, developers are investigating the integration of zero knowledge destinations, a proposal aimed at engaging Defi applications on Dogecoin. If implemented, this can really give DOGE that goes beyond payments, which means that the long -term price may be supported in the long term.
FAQs
Whale accumulation of 680 m doge, reduced sales pressure of the retail trade and an increased trading volume have stimulated prices higher.
The support for $ 0.22 and resistance at $ 0.26 is crucial. A break above $ 0.26 could send Dogecoin price to $ 0.30.