Dogecoin, one of the most popular altcoins, heavily promoted by Tesla CEO, Elon Musk has been trying hard to surpass $0.1 resistance for the past few days. However, the bears have mounted enough pressure over the asset due to which the DOGE price is trading flat with not much variation. However, the whales who appear to have risen up, now appear to be lenient towards Dogecoin.
In the latest update, the DOGE transactions within the $1 million and above region surged drastically for the first time since December 2022. A popular on-chain analytical platform Santiment highlighted the whale transaction spiked marking level 37. Besides, the transactions within the $100,000 range also surged to hit 179.
Woefully, this appeared to be a very short-lived one that wanted immediately. Moreover, the negative sentiments intensified as the total weighted sentiments dropped heavily later. Additionally, the DOGE daily active address remained around 100K with a slight increase from the previous day. However, these factors eventually failed to uplift the price which is healing towards lower support over time.
The DOGE price after failing to hold the levels above $0.1, dropped slightly to test the $0.09 support zone. Meanwhile, a notable bullish volume has kicked in but not enough to ignite a firm upswing, breaking above the bearish captivity. Besides, the volume also has shrunk heavily which may hinder the progress of the rally ahead.
As the sentiments have gone negative, with a drop in the DAA, the price is also expected to undergo a pullback. This could be mainly to attract other market participants to the platform which may intensify the buying volume. Even though the Dogecoin (DOGE) price closes the yearly trade on a bearish note, the upcoming year may find some hope for the asset.
Source: https://coinpedia.org/price-analysis/doge-whales-in-active-mode-will-this-propel-the-dogecoin-price-beyond-0-1/