- Dogecoin declined by 4% overnight, falling from $0.23 to $0.22 amid heavy trading and industry-wide crypto liquidations.
- Trading volume surged to 782 million DOGE as increased sell pressure broke key support levels.
- Institutional investors acquired 2 billion DOGE worth about $500 million this week, raising total holdings to 27.6 billion DOGE.
- The $0.22 price level has become a critical support point, while resistance is visible near $0.23.
- Market pressure followed U.S. inflation data that reduced expectations of Federal Reserve interest rate cuts and fueled over $1 billion in crypto liquidations.
Dogecoin lost ground overnight, erasing recent gains as trading activity spiked and broad cryptocurrency sell-offs intensified. In the 24 hours ending August 19 at 4:00, Dogecoin dropped from $0.23 to $0.22, reflecting a 4% decrease in its value.
Data shows that trading volumes surged dramatically, with 782 million DOGE exchanged in a short period between 3:00 and 4:00—almost double the typical daily average. During this time, the wider crypto market saw liquidations totaling more than $1 billion due to higher-than-expected U.S. inflation results, which hurt hopes for Federal Reserve interest rate cuts.
Despite these declines, large investors, also known as institutions, increased their positions. Over the past week, they accumulated 2 billion DOGE, valued at around $500 million, raising total reported institutional holdings to 27.6 billion DOGE. This information highlights ongoing interest from big market players even as smaller investors sold off.
The latest price action brought increased volatility, with Dogecoin trading within a narrow $0.01 range. The move sent the coin down to test its new support level at $0.22, which now stands as a key price to watch. Attempts to rebound lifted prices modestly back toward this line, suggesting some demand persists at lower levels.
Technical analysis indicates that breaking below $0.23 has shifted the token’s structure from bullish to bearish in the short term. If the $0.22 support fails, the next possible bottom is near $0.21. Resistance remains firm at $0.23, with heavier sell orders appearing at this price, and a more significant breakout zone set at $0.25.
Traders are closely monitoring whether institutional activity will continue if the price falls below support, and whether further macroeconomic shocks could put more pressure on cryptocurrencies. A return above $0.23 would be seen as a potential short-term reversal, while a drop below $0.22 might trigger additional selling.
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