Dogecoin (DOGE) has demonstrated notable resilience, bouncing back from a drop to $0.21 and closing at $0.22. This recovery occurred amid significant trading volumes and major acquisitions from investors.
Background of the Developments
Fluctuations in Dogecoin accelerated this month following discussions about a 51% attack threat from Qubic. As a result, some investors opted to sell. However, data from the blockchain indicated that major DOGE holders purchased a total of 680 million DOGE in August, helping to offset the impact of these sales. The general market sentiment remains mixed.
Price Movements and Volume Analysis
In the 24 hours leading up to 04:00 on August 21, DOGE gained 5% in value, recovering from $0.21 to close at $0.22. The token hit its lowest point at 16:00 Turkish time on August 20 but then experienced a rapid ascent. Notably, the trading volume reached 9.29 million in the last hour of the session, suggesting corporate-scale transactions.
Technical Outlook and Observed Levels
In technical analysis, the $0.21 level served as a crucial base during the day. This area was tested with intense selling pressure in the middle of the session but reversed upward with strong volume support. The $0.22 level emerged as resistance, causing prices to oscillate within this range during the day. In the last hour, approximately 6.8 million DOGE changed hands per minute, indicating transactions primarily involving large investors. Observers are closely watching whether the $0.22 level will act as support.
Dogecoin's resilient growth amid market volatility and threats from Qubic highlights the interest of major investors. Monitoring the continuation of purchases will be a key factor in determining the future price dynamics.
