Over the past week, Dogecoin whales have accumulated more than 240 million coins amid a price correction, which is equivalent to over $20 million. Despite these purchases, the price of DOGE continues to decline following a recent surge. The last three weeks have seen an overall downturn in the meme coin market, with all ten major assets losing value. While the accumulation by whales suggests some confidence ahead of a potential rebound, the current situation remains tense.
According to data, the amount of DOGE held by whales increased from 18.72 billion to approximately 19 billion tokens. Meanwhile, DOGE is trading at the 0.618 Fibonacci level, which is considered a key zone for a possible rebound. However, bulls face resistance at the $0.085 level, which also corresponds to the 50% retracement level. If the price cannot hold above $0.080, it may strengthen the bearish trend in the market. Currently, the support level that investors are watching is at $0.082, which is the last demand area capable of pushing the price to $0.095.
According to information from CryptoQuant, large volume sales in futures increased after DOGE reached $0.10 on August 22. This indicates that key players have started to take profits, which, along with the decrease in open positions on various exchanges, is also affecting the price drop. In particular, open positions for DOGE on KuCoin have decreased by 5%. This highlights that, despite active purchases by whales, price pressure remains primarily due to profit-taking and sales in derivatives. An analysis of the current situation shows that, despite the confidence expressed through accumulation, bearish sentiments still persist, and a potential rebound may be at risk.
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