Dogecoin Bullish Structure Forms After High-Volume Breakout Sees 11% DOGE Surge
0DOGE's price action shows potential for further gains, with support at $0.21 and resistance at $0.24.
Meme token climbs to $0.24 peak with volume nearly doubling monthly averages, signaling institutional activity behind the rally.
• The Federal Reserve signaled a softer stance on crypto banking rules, while Wyoming launched the first state-backed stablecoin. Both developments lifted sentiment around digital assets.• Trump-linked entity Thumzup completed a $50 million acquisition of Dogecoin mining firm Dogehash, forming what executives claim is the largest DOGE mining operation.• SoFi became the first U.S. banking institution to integrate Bitcoin’s Lightning Network for remittances, reinforcing broader institutional adoption of crypto infrastructure.• Whale wallets accumulated 680 million DOGE tokens through August, cementing rising institutional flows despite retail-driven volatility.
• DOGE rallied 8% in the Aug. 22–23 session, climbing from $0.22 to $0.24 in a $0.02 range.• The sharpest move came at 14:00 GMT on Aug. 22, when DOGE spiked from $0.21 to $0.23 on 4.27B volume, nearly quadruple the hourly average.• Support now holds at $0.21 after a successful retest, while resistance capped gains at the $0.24 psychological level.• A late-session surge added 1% from $0.23 to $0.24, with a volume peak of 28.1M at 04:52 GMT confirming accumulation.• Price action shows consecutive higher lows, suggesting sustained buying pressure and potential trend continuation.
DOGE’s breakout aligns with a broader crypto rebound as risk appetite improved across equities and digital assets. The combination of Fed policy recalibration, state-level stablecoin adoption, and a high-profile mining acquisition amplified institutional participation in a token often viewed as purely retail-driven.
The $0.24 level remains a critical inflection point. A sustained breakout could open momentum targets toward $0.26, while failure risks renewed retests of $0.21 support.
• 24-hour gain of 8% from $0.22 to $0.24 with $0.02 trading range.• Volume spiked 97% above 30-day average with 4.27B tokens traded.• Support confirmed at $0.21 following intraday retest.• Resistance hardened at $0.24 psychological threshold.• Consecutive higher lows point to bullish structure.• Volume surge of 28.1M at 04:52 GMT validates institutional flows.
• Whether DOGE can establish $0.24 as support for a clean breakout toward $0.26.• Ongoing whale accumulation trends versus potential retail profit-taking at resistance.• Impact of Wyoming’s state-backed stablecoin launch on memecoin liquidity flows.• Futures open interest reaction after heavy spot-driven rally.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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https://www.coindesk.com/markets/2025/08/23/dogecoin-bullish-structure-forms-after-high-volume-breakout-sees-11-doge-surge
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