TLDR
- DOGE rejected at $0.26, falling back to $0.25 after heavy profit-taking.
- 30M DOGE added by whales worth $8M, signaling continued accumulation.
- Volume spiked to 750M as DOGE tested resistance and faced institutional selling.
- $0.24 now serves as near-term support, with $0.30 the next resistance target.
Dogecoin briefly traded above $0.26 on October 9 but faced heavy selling pressure that pushed it lower by nearly 2%. The move triggered a fast retreat to $0.25 as large holders took profits. Despite the pullback, on-chain data showed strong whale accumulation, suggesting growing interest in DOGE remains even as it struggles to hold above key resistance levels.
Short-Term Rejection Triggers Profit-Taking
DOGE touched the $0.26 mark during the afternoon session on October 8 before meeting strong resistance. Large wallets began offloading their positions at that level, leading to a rapid price decline. The token closed at $0.25, reflecting a 2% drop from the daily high.
Market data showed trading volume surged to 750 million during the $0.25 to $0.26 spike — nearly twice the daily average. However, the intense volume at resistance also signaled a sell-side reaction as traders took profits after recent gains.
Whale Accumulation Remains Steady
Even as DOGE failed to hold above resistance, data pointed to ongoing whale accumulation. On-chain flows confirmed that large addresses added 30 million DOGE tokens, worth around $8 million, during the trading session.
This pattern has been consistent with previous accumulation phases. Analysts noted that similar activity preceded major moves in earlier market cycles. While short-term pressure remains, the long-term positioning of whales signals confidence in the token’s future trend.
Support Levels and Volume Patterns
DOGE traded within a $0.24 to $0.26 range during the past 24 hours. After the failed breakout at $0.26, the token slipped back to test the $0.25 support. Late trading saw DOGE dip below $0.25 briefly, following a 14.6 million sell order at 02:01.
This confirmed that profit-taking and liquidations were active, especially during volatile sessions. Despite the drop, buyers responded near the lower end of the range, with $0.24 now emerging as the next support to monitor in the coming days.
Market Context and Key Levels Ahead
DOGE has been fluctuating between $0.24 and $0.27 through September and early October. Broader interest in crypto markets has grown, driven by ETF developments and institutional flows. DOGE is among the tokens that have seen strong inflows, especially from larger wallets.
Volume activity remains high, and analysts are watching whether DOGE can reclaim and hold $0.26. If buyers manage to sustain that level, the next target area lies between $0.27 and $0.30. On the downside, $0.24 acts as the current floor for price action.
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Kelvin Munene is a crypto and finance journalist with over 5 years of experience in market analysis and expert commentary. He holds a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University and is known for meticulous research in cryptocurrency, blockchain, and financial markets. His work has been featured in top publications including Coingape, Cryptobasic, MetaNews, Coinedition, and Analytics Insight. Kelvin specializes in uncovering emerging crypto trends and delivering data-driven analyses to help readers make informed decisions. Outside of work, he enjoys chess, traveling, and exploring new adventures.
