Dogecoin Encounters $0.20 Resistance Amidst 11.72B Accumulation

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 8 hour ago

DOGE ETF Inflows and Network Activity: On December 3, DOGE ETFs saw inflows of $177K, contributing to a total of $2.85 million since launch, while network participation increased to 71,589 active addresses, the highest since September.
Price Resistance and Accumulation: Dogecoin faces significant resistance at $0.20, where 11.72 billion tokens have been accumulated, with current trading at $0.1435 indicating potential selling pressure as it approaches this resistance level.
Technical Indicators and Market Sentiment: Technical analysis shows weak momentum for DOGE, with the price remaining below key levels; the Relative Strength Index (RSI) is neutral, suggesting consolidation unless a breakout occurs above $0.1500.
Cautious Institutional Sentiment: Despite rising network activity, there were no new inflows recorded on December 4, indicating a cautious sentiment among institutional investors regarding Dogecoin's price movements.

About the author

Preview

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.