Major Investors Drive Dogecoin’s Dynamic 24-Hour Surge

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Dogecoin (DOGE) has seen notable activity in the last 24 hours, marked by significant shifts in trading volume and price. Purchases exceeding $200 million in DOGE were recorded, largely attributed to substantial investments from major players. The price established a support level at $0.22 and tested the resistance at $0.23, influenced by both large-scale acquisitions and short-term traders liquidating their holdings.

Institutional Buys and Support Confirmation

Between the mornings of August 8th and 9th, DOGE experienced a 4% price increase. The $0.22 mark consistently acted as a support level, strengthened by considerable buying activity, particularly from influential investors often called "whales." This buying spree totaled one billion DOGE, suggesting that these large investors may control approximately half of the circulating supply.

Around midday, the price reached the $0.23 level, which presented a significant resistance point. Increased supply at this level intensified selling pressure, hindering further upward movement. Volume data reached its peak at 780.9 million DOGE around 2:00 PM.

Volatility and End-of-Day Selling Pressure

The upward momentum faced interruption in the final trading hours with a 1% dip within a single hour, moving the price from $0.23 to $0.227. Shortly thereafter, DOGE saw trading volumes of 11.4 million followed by 24.1 million, fluctuating between $0.227 and $0.229.

During this rapid sell-off, the average volume spiked to approximately eight times higher than usual. This activity was interpreted as major international investors actively closing their positions.

Analysts observed, "Transaction volumes increase at significant support and resistance levels, with institutional actors exiting positions."

Technical Outlook and Investor Sentiment

Technically, the $0.22 level has emerged as both a psychological and volume-based support, with significant buying interest observed. Conversely, $0.23 is defined as a short-term ceiling with high trading volume. Technical indicators suggest that investors should be wary of potential retests of the $0.22 level and consider whether a breakthrough of the $0.23 level could initiate a new upward trend.

Analysts stated, "With the accumulation process of large investors, attention should be paid to price levels and volumes."

Furthermore, some market participants believe that social media trends could potentially impact price movements. Investors are factoring in the possibility of market sentiment driving further fluctuations.

In conclusion, the overall market direction continues to be shaped by long-term accumulation activities observed in the lower price range and the selling pressure exerted by short-term investors. Technical and volume-based indicators suggest that volatility is likely to persist in the near term.

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