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Dogecoin (DOGE) extended its one-week bullish streak and reclaimed the $0.10 resistance. Memecoin fell slightly to $0.1003 after touching a local high of $0.104.
With its upward movement, DOGE rose above the 20 and 50 EMAs, indicating strong short-term strength.
Dogecoin whales step in to defend higher levels
Afterwards DOGE Whales, who regained $0.09 and gained strength above this level, increased their savings.
Memecoin saw demand from major players increase between $0.092 and $0.097, setting the stage for a continuation of the trend. Spot Average Order Size data showed continued whale orders at these price levels.
Such activity has shown that whale participation in the market is increasing, but on the demand side, as Spot Taker CVD shows. This metric has remained positive for seven consecutive days.
A positive Taker CVD indicates that takers mostly dominate the market and confirms the existence of the taker.
Foreign exchange activity also echoed these market conditions, with net flows turning negative for the first time in two days.
According to CoinGlass data, while there was an outflow of 193.7 million dollars from the stock exchanges, there was an inflow of 184.9 million dollars from the exchanges. As a result, Spot Netflow is down 239% to -$8.77 million at the time of this news; This is a clear sign of aggressive spot accumulation.
Traditionally, increased whale accumulation has accelerated upward momentum, causing prices to rise.
Futures traders are aggressively trading.
Although whales on the spot side have shown higher stability, futures participants remain bearish. After DOGE reclaimed $0.1, futures outflows increased rapidly and reached $508.1 million in the last 12 hours.
In the same period, futures inflow decreased to 486 million dollars. As a result, Futures Net Flow fell 185% to -$22.06 million.
Futures net flows falling into negative territory indicate increased market outflows as investors aggressively withdraw capital from the market. As traders mock, such market behavior implies fear.
Oftentimes, decreasing futures capital can lead to a more stable uptrend as the market becomes less aggressive.
What’s next for DOGE?
Dogecoin reclaimed $0.1, driven largely by spot demand from whales. At the same time, futures traders scoffed and withdrew their capital.
With spot demand remaining stable, memecoin’s upward momentum remained high, as shown by the Stochastic RSI. At the time of writing, the momentum indicator rose to the overbought zone but fell to 93, forming a bearish crossover.
However, it remained in the overbought zone, indicating that buying pressure is increasing in the market. Additionally, DOGE has reversed its short-term Moving Averages, indicating a stronger trend.
Therefore, if recent demand continues, DOGE could hold $0.1 and see its long-term resistance at $0.11. But if investors continue to abandon futures, lower capitalization could pose downside risk and cause another decline to $0.095.
Final Summary
- DOGE showed upside momentum by flipping short-term MAs and regaining resistance at $0.1.
- Dogecoin’s upward momentum has continued, largely driven by whale demand.
