Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Dogecoin saw sustained accumulation in holder addresses.
- The price action was bullish on the higher timeframe, but momentum has stalled over the past ten days.
Dogecoin [DOGE] recorded a major milestone recently, as the total number of DOGE holders crossed 5 million, an all-time high.
Earlier, AMBCrypto had reported that a crucial weekly resistance level was yet to be surmounted despite the recent bullishness.
This upward momentum has slowed down considerably over the past two weeks as Bitcoin [BTC] bulls struggled hard to drive a move past the $37.5k level and flip it to support.
The breakout past the eleven-month trendline resistance was a strong sign of intent
Source: DOGE/USDT on TradingView
The trendline in question was plotted in yellow and was retested as support on the 9th of November. The three-day timeframe showed a strong bullish structure, and the RSI showed bullish momentum as well.
On the daily and lower timeframe charts, the bullish momentum had waned.
The move above July’s high in mid-November was another encouraging sign that buyers had strength in the market.
The Chaikin Money Flow (CMF) agreed with this finding, as its reading of +0.17 indicated heavy capital inflow to the Dogecoin markets. The On-Balance Volume (OBV) has not lost its uptrend either.
The $0.072 and $0.0765 levels of support were likely to be important in the coming days. A move below both these levels would signal a shift toward bearish bias.
DOGE showed evidence of accumulation on-chain
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Author: Akashnath Sumukar
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