Dogecoin (DOGE) has slipped to $0.00289 after a failed attempt to sustain a rally triggered by a golden cross formation. Despite whale wallets accumulating aggressively, with holdings now approaching 100 billion DOGE, price action remains under pressure as sellers dominate the market.
The 4-hour chart highlights how DOGE attempted a bullish breakout in early August, briefly testing the $0.0038–$0.0040 resistance zone. However, the momentum quickly faded, with price rejected at that level and sliding back toward critical support.
Currently, DOGE is holding just above the $0.0028 demand zone, marked by a prior accumulation area in late June. A clean break below this range could expose downside risk toward $0.0025, while reclaiming the $0.0032–$0.0034 resistance would be needed to restore bullish confidence.
“The golden cross created optimism, but the rejection near resistance shows buyers are losing control of the trend,” BITX analyst explained. “The broader structure looks weak unless DOGE can flip $0.0034 back into support.”
On-chain data shows that whale wallets continue to accumulate DOGE, with balances moving closer to 100 billion coins. This accumulation trend reflects growing conviction among large holders, even as short-term traders take profits.
“Whale accumulation is usually a long-term bullish signal,” another expert commented. “However, the market can remain weak in the short term if technical breakdowns persist. Price needs confirmation above resistance zones before momentum can return.”
For now, traders are closely watching $0.0028 as a critical support. A sustained breakdown could extend the decline, while a rebound from this level may provide a base for recovery.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.