coindesk.com
Dogecoin slipped below key support as late-session selling erased an earlier rally, with global trade tensions and fresh security concerns adding downside pressure.
Whale wallets continue to accumulate aggressively, with holdings now approaching 100 billion $DOGE, but price action shows technical damage that traders will need to monitor closely.
News Background
- Whale wallets added 680 million $DOGE in August, bringing total holdings to 98.56 billion tokens — the largest level in months.
- Qubic’s community voted to target the Dogecoin network for a potential 51% attack after recently executing one against Monero.
- Escalating global trade wars and tariff announcements fueled risk-off sentiment across crypto markets.
- $DOGE’s bullish golden cross pattern (50-day above 200-day) failed to spark momentum as sellers overwhelmed bids.
Price Action Summary
- $DOGE declined 6% from $0.24 to $0.23 during the Aug. 17–18 trading window.
- The token swung violently in a $0.02 range, marking 7% intraday volatility.
- A midday surge to $0.24 on 916.22M volume was quickly reversed as bears sold into strength.
- Final session saw $DOGE collapse 2% in one hour, breaking below $0.23 on 67.85M volume.
- Support at $0.23 failed, leaving the token vulnerable to further downside.
Technical Analysis
- Fierce resistance capped $DOGE at $0.24, where repeated rejection sparked sell pressure.
- Key $0.23 support zone broke, eliminating near-term buyer interest.
- Volume spikes on breakdowns indicate continuation risk rather than reversal strength.
- Golden cross formation (50-day > 200-day) remains intact but has yet to yield upside confirmation.
- $0.23 now stands as the make-or-break level for recovery attempts.
What Traders Are Watching
- Whether whales sustain accumulation despite network security concerns.
- Confirmation of new downside targets if $0.23 fails to hold.
- Derivatives positioning after open interest surged past $10 billion.
- Any follow-through from Qubic’s community targeting Dogecoin with a 51% attack.
- Reaction to macro headlines on trade wars that continue to pressure risk assets.