Dogecoin Faces Whale Pressure: Can It Stay Above 200DMA and Break $0.24?

Dogecoin (DOGE) has shown how fierce the struggle between supply and demand has become. Although the coin briefly climbed to $0.24, it failed to hold this level. Strong selling pressure dragged the price back to $0.23, confirming that $0.24 remains a tough ceiling.

Whales Selling, Market Seeking Balance A major reason for the failed breakout was whale activity. Large holders sold an estimated 40 million DOGE during the session, reducing their combined balances from around 11.0 billion to 10.75 billion coins. This heavy selling capped the rally despite high spot volumes. Still, DOGE continues to trade above its 200-day moving average (200DMA) near $0.22. This line is now the key structural support. If shorter moving averages start to turn upward, the market could form a golden cross, a technical signal often seen as strongly bullish.

Price Range and Volumes Between September 29 at 03:00 and September 30 at 02:00, DOGE moved within a narrow band of $0.23 to $0.24, about 4 percent. The most intense move came between 13:00 and 14:00, when buying pressure generated turnover of $780 million. Price rose from $0.23 to $0.24 but was immediately capped by strong selling. In the final minutes of trading, DOGE once again touched $0.24 before quickly reversing to $0.23 on nearly $13 million in volume. The session closed with resistance confirmed and price stabilizing in the lower part of the range.

Technical Picture Support remains at $0.23, where repeated intraday tests and consistent absorption suggest short-term accumulation. Below this, the 200DMA at $0.22 is the key structural line for trend-following investors. Resistance is firmly set at $0.24, where multiple rejections highlight its strength. Only a daily close above this level would open the way to $0.245–$0.25 and then to $0.255. Overall, DOGE is consolidating between $0.23 and $0.24. A breakout or breakdown from this range will determine the next directional move. As long as DOGE holds above the 200DMA and whale outflows ease, the probability of further upside increases. However, a clean break below $0.23 would shift focus to $0.225–$0.22, potentially turning the current structure into a distribution top.

What Traders Are Watching Traders are closely monitoring whether a daily close above $0.24 with rising volume can flip this level into support, opening the door to higher targets. They are also watching the defense of $0.23 on pullbacks—failure here would put the 200DMA back into play. Order book flows around $0.24–$0.245 will be key, as thinning sell walls with steady demand could set up an upside breakout. For now, DOGE remains in a tight consolidation, with volatility building toward the next major impulse. Sustainable breakouts will require not only volume but also market breadth. A crossover of shorter moving averages while price holds above $0.23 would give systematic strategies a clearer technical trigger to re-enter long positions.

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