Solana

Dogecoin

Million

Resistance

Polygon

<p><strong>While the cryptocurrency market has been reeling from a recent downturn, Dogecoin (DOGE) has displayed nice resilience. </strong></p> 
<p>Last week, DOGE saw a modest 4% decrease, outperforming other popular altcoins like XRP, which fell by 6%, Solana (SOL) by 6.6%, and Polygon (MATIC) by almost 9%.</p> 
<h2 class="wp-block-heading" id="technical-indicators-a-mixed-bag">Technical Indicators: A Mixed Bag</h2> 
<p>In July, Dogecoin experienced a bullish breakout from a Falling Wedge pattern, catapulting its price to $0.080—a 30% gain. However, the <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="meme" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">meme</a> coin has since retraced its steps, falling below its 200-day moving average of $0.08 and a critical support level of $0.07. Investors are now keenly watching for the price to either:</p> 
<ol> 
 <li>Reclaim these pivotal levels, confirming an uptrend, or</li> 
 <li>Retrace further to the <strong>$0.053 support level, offering a potential swing entry point.</strong></li> 
</ol> 
<h3 class="wp-block-heading" id="understanding-the-metrics">Understanding the Metrics</h3> 
<ul> 
 <li><strong>MACD Line vs Signal Line</strong>: The Moving Average Convergence Divergence (MACD) Line being above the Signal Line is a bullish indicator.</li> 
 <li><strong>RSI</strong>: The Relative Strength Index (RSI) below 45 is generally considered bearish.</li> 
 <li><strong>MACD Histogram</strong>: Declining bars on the MACD Histogram suggest weakening momentum.</li> 
</ul> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-1024x573.png" alt="" class="wp-image-333437" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-767x429.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-2048x1146.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-190-788x441.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p> 
<h2 class="wp-block-heading" id="support-and-resistance-zones">Support and Resistance Zones</h2> 
<p>Investors should keep an eye on the following zones:</p> 
<ul> 
 <li><strong>Support Zones</strong>: $0.060 and $0.053</li> 
 <li><strong>Resistance Zones</strong>: $0.070 and $0.100</li> 
</ul> 
<h2 class="wp-block-heading" id="behind-the-scenes-miners-accumulate">Behind-the-Scenes: Miners Accumulate</h2> 
<p>According to data analytics firm IntoTheBlock, Dogecoin miners have been quietly accumulating reserves. As of August 8, they held 4.29 billion DOGE, which increased to 4.38 billion DOGE a month later.</p> 
<h3 class="wp-block-heading" id="miners-strategy-hodl-for-the-rally">Miners’ Strategy: HODL for the Rally</h3> 
<p>The Miners Reserves metric tracks real-time changes in the wallet balances of recognized Dogecoin miners. When evaluated against current market prices, the inflow of 90 million DOGE translates to an <strong>accumulation of approximately $56 million. </strong></p> 
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<p>This suggests that miners are opting to hold onto their coins in anticipation of significant price movements, rather than selling them off.</p> 
<h2 class="wp-block-heading" id="final-thoughts">Final Thoughts</h2> 
<p>Dogecoin’s recent performance and miner behavior indicate a complex but optimistic picture. While technical indicators present a mixed outlook, the underlying sentiment leans towards a bullish future, especially with miners ramping up their reserves. </p> 
<p>As always, investors should exercise caution and conduct their own due diligence.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/dogecoin-doge-flashes-signs-of-strength-with-miners-accumulating-56-million-heres-the-ideal-buy-zone/">Dogecoin (DOGE) Flashes Signs of Strength With Miners Accumulating $56 Million – Here’s the Ideal Buy Zone</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Dogecoin (DOGE) Flashes Signs of Strength With Miners Accumulating $56 Million – Here’s the Ideal Buy Zone

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