- Dogecoin miners accumulated $30 million worth of DOGE in the past week, supporting the coin’s upward movement.
- A breakout above $0.086 could pave the way for DOGE to reclaim $0.10, while support at $0.071 may prevent a major bearish reversal.
In a resolute display of bullish confidence, Dogecoin (DOGE) price managed to maintain its position above the $0.075 mark throughout the weekend, defying bearish pressures. Miners of the popular memecoin accumulated a staggering 410 million DOGE in the past week, underscoring their belief in the ongoing uptrend.
To gauge the potential for further gains, we must analyze key technical indicators and the recent accumulation activities of Dogecoin miners.
DOGE Miners: Confidence in Accumulation Mode
As the prices of top memecoins like PEPE and Shiba Inu (SHIB) experienced turbulence over the weekend, Dogecoin stood firm on its upward trajectory. The on-chain data reveals that node validators within the Dogecoin network spent the last week amassing coins worth a substantial $30 million. This sizable accumulation begs the question: Will this substantial stack of DOGE propel the price to new heights in the days to come?
Critical Miner Activity
According to data from IntoTheBlock, Dogecoin Miners’ reserves surged from 4.18 billion on November 20 to an impressive 4.59 billion by November 26. This dramatic turnaround resulted from miners acquiring an additional 400 million DOGE during this period. When evaluated at the 7-day Simple Moving Average (SMA) DOGE price of $0.075, these acquired coins are valued at approximately $30 million. This surge in mining activity appears to have played a significant role in the recent bullish momentum of Dogecoin’s price.
If other strategic investors and prominent crypto whales follow suit and exhibit a similarly bullish sentiment, it is plausible that DOGE’s price will continue to ascend in the near future.
Dogecoin Price Prospects: Aiming for $0.10?
Despite a previous rejection around the $0.085 level, the bullish momentum in the DOGE market remains resilient. If the bulls maintain their control as anticipated, the next challenge will be overcoming initial resistance at the previous local high of $0.086. A decisive breach of this resistance could potentially push Dogecoin’s price towards the coveted $0.10 mark.
Conversely, the bears may attempt to thwart this prediction by forcing a dip below $0.07. However, the bulls are likely to establish substantial support around the $0.071 price range, potentially preventing a significant bearish reversal.
In conclusion, Dogecoin’s recent performance is marked by robust miner accumulation, which has contributed to its bullish trajectory. Whether DOGE can reach $0.10 hinges on the balance between bullish and bearish forces in the market.