Dogecoin (DOGE) has seen a surge in miner accumulation, reaching $30 million in the past week. Despite facing resistance at $0.086, the meme cryptocurrency is maintaining bullish momentum.
Key Takeaways
- Dogecoin miners accumulated $30 million worth of DOGE in the past week, reinforcing the coin’s positive trend.
- The resistance at $0.086 is a crucial level, and a breakout could propel DOGE towards the $0.10 mark.
- On-chain data indicates a significant increase in Dogecoin miners’ reserves, highlighting their confidence in the ongoing bullish momentum.
- The bears may target a dip below $0.07, but strong support is expected around $0.071, potentially preventing a major bearish reversal.
DOGE Miners: Confidence in Accumulation Mode
While other meme coins experienced volatility over the weekend, Dogecoin demonstrated resilience above the $0.075 mark. Notably, Dogecoin miners amassed a substantial 410 million DOGE, equivalent to $30 million, in the past week.
This accumulation emphasizes their belief in the prevailing uptrend despite challenges in the broader meme coin market.
Critical Miner Activity
Data from IntoTheBlock reveals a remarkable surge in Dogecoin Miners’ reserves, rising from 4.18 billion on November 20 to an impressive 4.59 billion by November 26.
This significant uptick resulted from miners acquiring an additional 400 million DOGE during this period, valued at approximately $30 million. The surge in mining activity appears pivotal to Dogecoin’s recent bullish momentum.
Dogecoin (DOGE) On the Rise: Miners Stack $30 Million, $0.10 in Sight? https://t.co/gJguImyDUc#crypto #DogecoinDOGE #MinersStackhttps://t.co/gJguImyDUc
— ETHNews (@ETHNews_com) November 27, 2023
Dogecoin Price Aiming for $0.10?
Despite facing resistance at $0.085, the bullish momentum in the DOGE market persists. The next challenge is breaching the resistance at $0.086, a move that could set the stage for Dogecoin’s price to approach the coveted $0.10 mark.
To Conclude
Dogecoin’s recent performance is characterized by strong miner accumulation, contributing to its bullish trajectory. The potential move towards $0.10 depends on the delicate balance between bullish and bearish forces in the market.
