TLDRDogecoin price dropped 30% from July peak of $0.28 to crucial $0.19 support levelRecent whale activity shows over $200 million invested, pushing price up 5.6% to $0.233Long-term bullish trajectory supported by late-July 20/200-day golden crossMost traders maintain long positions despite cooling momentum indicatorsPrice found support at $0.220 with resistance at $0.238 after recent volatilityDogecoin has experienced a roller coaster of price action in recent weeks, showing both signs of weakness and strength. After reaching a five-month high of nearly $0.28 in late July, DOGE declined by almost 30% toward the $0.19 support level. However, recent data indicates a surge in whale activity that has helped push the price back up.The meme coin spent most of July in green before momentum faded over the past two weeks. This decline brought DOGE below the 50-day exponential moving average (50 EMA) of $0.206 and the 200-day EMA at $0.207.Despite this drop, bulls have managed to hold the price near the crucial $0.19 support level. This suggests that dip buyers remain active in the market and are taking advantage of lower prices.Between August 12-13, DOGE climbed from $0.225 to $0.233, experiencing 8.8% volatility. Morning trading established solid support at $0.220, with volume exceeding the 24-hour average of 387.7 million tokens.Dogecoin Price on CoinGeckoThe most eye-catching development has been the entrance of whale investors, who purchased over 1 billion DOGE tokens worth approximately $200 million. These large investors now control nearly half of all circulating supply, indicating strong confidence in the token’s future performance.During mid-session trading, DOGE moved rapidly from $0.221 to $0.238 between noon and 8 PM before encountering resistance. The final hour saw 1.3% profit-taking from $0.235 to $0.232, but buyers stepped back in at the $0.232 level.Technical Indicators Show Mixed SignalsFrom a technical perspective, Dogecoin price remains on a structural bullish trajectory long-term, thanks to the 20-/200-day golden cross that occurred in late July. A golden cross typically indicates that long-term bulls are still in control, as long as the price stays above the slower-moving average.However, momentum indicators are showing signs of cooling down. The daily Relative Strength Index (RSI) has slipped from an overheated reading above 80 to below 50, moving into bearish territory. This drop signals that market momentum has cooled off sharply.The moving average convergence divergence (MACD) recently flipped bearish, confirming the recent bull rally has lost momentum. This suggests many traders are now choosing to wait for the next clear signal before making new moves.If DOGE holds above the key $0.19 support level as technical indicators reset, the most likely scenario is a rebound toward the $0.22–$0.24 range. A decisive break above the $0.24 resistance could potentially set the stage for a run toward the major psychological barrier at $0.3.The current support zone between $0.232 and $0.220 needs to hold against further profit-taking. Traders are closely watching the $0.238 resistance level – a breakthrough could trigger a more substantial upward movement.Market Sentiment Remains BullishDespite recent price volatility, market sentiment for Dogecoin remains predominantly bullish. According to data from Coinglass, aggregate Dogecoin futures volume decreased 37% to $4 billion over a 24-hour period, yet open interest remained almost unchanged at around $3 billion. This implies that traders are holding onto positions, indicating confidence in Dogecoin’s price.The long/short ratio on Binance shows long accounts outnumbering shorts 3:1. OKX shows an even stronger 3.6 reading, reaffirming the underlying bullish sentiment among traders.While momentum traders have eased off, larger players continue to bet on a rebound. This accumulated buying power could drive the price higher if macro conditions improve and Dogecoin maintains support at key levels.Beyond technical factors, macroeconomic headlines have pressured risk assets. President Donald Trump introduced new import taxes ranging from 10% to 41% on goods from various countries, and the US Federal Reserve maintained its policy rates steady in its latest FOMC meeting.These factors have caused investors to shift toward safer assets, contributing to the dip in cryptocurrencies like DOGE.The higher lows pattern remains intact for now, and the recent whale action suggests these big players keep buying dips with no signs of backing down.The question now is whether DOGE can build on this recent support and make another attempt at the $0.238 resistance level, or if further consolidation is needed before the next major move.The post Dogecoin (DOGE) Price: Token Tests $0.19 Support After 30% Drop From July Highs appeared first on Blockonomi.