Dogecoin Retreats Despite Bit Origin's $500M Allocation, RSI Hits Overbought
News Background
Bit Origin, a Hong Kong-based commodities and treasury firm, announced a major corporate commitment to Dogecoin with a $500 million treasury strategy involving a phased purchase of 1 billion DOGE. The move was initially seen as a validation of DOGE as a corporate asset. However, price failed to hold highs above $0.29, raising questions over DOGE's ability to sustain institutional rallies amid broader market headwinds and historically volatile trading conditions.
Price Action Summary
• DOGE surged to $0.29 at 17:00 on July 21 following news of Bit Origin's treasury plan, before falling to $0.27 by session close.• The 24-hour trading range spanned $0.26–$0.29, marking a 9% volatility window.• Final-hour trading (03:06–04:05 UTC on July 22) saw DOGE drop from $0.27 to $0.26, its lowest since Thursday, with volume rising to 37.2 million during the decline.• DOGE is now down 7% from session highs, despite institutional buying.
Technical Analysis
• RSI spiked to 85.95 on the move to $0.29, indicating overbought conditions.• Trading volumes peaked at 1.703 billion tokens during the breakout, nearly 2.5x the daily average.• Resistance remains firm at $0.29 with repeated rejections.• Support weakened from $0.27 to $0.26 as buyers failed to hold levels.• DOGE now trades at the lower end of its recent range, risking further downside if $0.26 fails.
What Traders Are Watching
Traders are eyeing whether DOGE can hold above $0.26, which has served as short-term support amid institutional flows. Failure to hold this level may trigger a retest of the $0.245-$0.25 zone. Any renewed buying from corporate treasuries or ETF-related speculation may help DOGE reclaim the $0.275-$0.29 resistance band — but momentum remains fragile.
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