Will Dogecoin (DOGE) Price Hit $0.1 as Miners Make this Surprise $30M Move?

Dogecoin (DOGE) Price Insights:

• Dogecoin (DOGE) price steadied above the $0.075 mark over the weekend as the bulls held off bearish headwinds. 
• Dogecoin miners acquired 410 million coins over the past seven days, signaling confidence in the current price uptrend.
• Technical indicators reveal a vital price level the DOGE bulls must beat to spark a major rally. 

Dogecoin (DOGE) price pumped toward the $0.079 area as the bulls remained firmly in control of the markets over the weekend. On-chain data trends reveal how the node validators on the Dogecoin network spent the past week accumulating coins worth $30 million. Will this send the DOGE price into another leg-up in the week ahead? 

DOGE Miners Have Been in Accumulation Mode for the Past Week

While top memecoins like PEPE and Shiba Inu (SHIB) price have struggled over the weekend, Dogecoin price remains in an upward trajectory.

On-chain data readins show that bullish trading activity among the Dogecoin miners appears to be a critical factor behind the steady price performance 

According to the IntoTheBlock, the total Dogecoin Miners’ reserves stood at 4.18 billion on November 20. But interestingly, the made a dramatic turn around, buying 400 million DOGE to bring their total cumulative reserve balances to 4.59 billion as of November 26.

The Miners Reserves chart provides a periodic snapshot of the Dogecoin node validators’  recent trading activity. It essentially tracks the real-time changes in the total coins deposited in wallets controlled by recognized mining companies and mining pools. 

The Dogecoin chart clearly shows the miners have rapidly acquired 400 million DOGE between November 20 and November 26. When valued at the 7-day SMA DOGE price $0.075, the coins acquired over the past week are worth approximately $30 million. 

Hence it appears the bullish trading activity among the miners has been a major driver behind the Dogecoin price leg-up at the weekend. 

If other strategic investors and crypto whales mirror the miners’ bullish disposition, DOGE price could remain in an upward trajectory for the coming day, 

Dogecoin Price Forecast: Can it Reclaim $0.1?

Despite rejecting at the $0.000085 territory last week, the bulls have shown some resilience to maintain a strong buying momentum. 

If the bulls seize control as predicted, DOGE price will face initial resistance at the previous local high of $0.086. However, a decisive breakout from that resistance could push Dogecoin to reclaim $0.1.

On the flip side, the Dogecoin bears could invalidate that prediction if they successfully force a downswing below $0.07. However, the bulls will likely mount a major buy wall around the $0.071 price range. 

If that support territory holds firm, pioneer memecoin will likely avoid a major bearish reversal.