Dogecoin dropped 16.5% from its recent local high after failing to clear the $0.10 resistance level, retreating alongside a Bitcoin momentum stumble near $82k. Whale accumulation and technical signals still point to a possible buying zone between $0.069 and $0.081.
Dogecoin rallied from lows near $0.07 last week and nearly pushed through the $0.10 psychological resistance, but the breakout did not hold. After reaching that level, bulls retreated as a Bitcoin momentum stumble around the $82k supply zone set DOGE back 16.5% from its local high.
Whale accumulation backs a parabolic setup
On August 15, analyst Ali Martinez warned that the leading memecoin was primed to go parabolic, and the price action since then has supported that view. The Tom DeMark Sequential indicator flashed a buy signal on the monthly timeframe, a sign of a potential trend reversal.
Meanwhile, whales accumulated 430 million DOGE during the past week, according to Martinez. The UTXO Realized Price Distribution metric, which maps the acquisition cost basis of the circulating supply, showed a heavy cluster of UTXOs at $0.081, marking a key support level.
Martinez argued DOGE could target $0.177 while holding above that level, since the distribution showed relatively little acquired supply between $0.081 and $0.177. A return into this "air pocket" could let DOGE advance with limited on-chain resistance. However, losing $0.081 could expose holders in the broader support region to renewed pressure.
Where DOGE bulls could step back in
The URPD data flagged the $0.069-$0.081 range as an onchain support area to watch. Within that zone, the rally to $0.10 saw a daily session close above $0.092, the previous swing high from June, with bulls achieving a market structure shift on high trading volumes.
Fibonacci retracement levels highlighted $0.08-$0.074 as the golden pocket to watch. A brief price dip into this area could offer a buying opportunity targeting an impulse move higher toward $0.12, and as high as the $0.155 yearly highs.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
