Dogecoin (DOGE) saw a brief but notable price rally over the weekend, surging to the key resistance level of $0.200 before retracing slightly. While the meme coin failed to hold its gains above this psychologically significant level, on-chain data reveals bullish activity beneath the surface.
DOGE Sees Key Breakouts Amid Heavy Accumulation
Between August 2 and 3, DOGE rose from $0.189 to $0.200 — a 6.17% intraday move — before ending the session at $0.198, up 4.66% on the day. Breakouts at $0.194, $0.196, and $0.198 were driven by large holders and rising volume, signaling strong demand during the rally.
Volume surged past the 233 million daily average during the move, confirming institutional and whale-level interest in the token.
Short-Term Resistance at $0.20 Halts Momentum
Despite the bullish surge, DOGE faced stiff resistance at the $0.20 mark, a level that has historically acted as both a technical and psychological barrier for traders. The final hour of trading saw a pullback to $0.198, coupled with declining momentum, suggesting a possible short-term consolidation phase.
DOGE has now tested the $0.20 barrier three times in 30 days, reinforcing it as a critical level for any sustained bullish breakout.
On-Chain Indicators Remain Positive
Glassnode data shows a growing number of large wallet addresses accumulating DOGE, a signal often associated with medium-to-long-term upside potential. These large holders tend to buy dips and support key levels, providing a safety net in periods of consolidation.
What to Watch Next
If Dogecoin can consolidate above $0.194 and regain momentum toward $0.200, a breakout past this resistance could open the door to $0.215 and higher. However, failure to hold above support may result in a retest of the $0.185 level.
With bullish on-chain signals and high-volume accumulation, DOGE’s fundamentals appear stronger than recent price action suggests.
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.