Dogecoin has reclaimed the key $0.10 resistance level, driven by a week-long bullish streak and significant whale accumulation on spot markets. Large holders increased their buying between $0.092 and $0.097, while exchange netflows turned sharply negative, indicating aggressive spot accumulation. However, futures traders are derisking, with capital outflows creating a contrasting dynamic that could influence the memecoin’s near-term price stability.
Dogecoin extended its week-long bullish streak by reclaiming the $0.10 resistance level. The memecoin reached a local high of $0.104 before slightly retracing to $0.1003.
This bullish move saw DOGE cross above its 20 and 50 Exponential Moving Averages, indicating strong short-term strength. After Dogecoin reclaimed $0.09, whale accumulation increased significantly.
Large players showed sustained demand between $0.092 and $0.097, laying groundwork for the trend’s continuation. This whale activity was evident on the demand side, as the Spot Taker CVD remained positive for seven consecutive days.
A positive Taker CVD indicates that buyers have mostly dominated the market, validating the buyer’s presence. Furthermore, exchange activity echoed these conditions as netflow turned negative for the first time in two days.
Data shows CoinGlass recorded $193.7 million flowing out of exchanges compared to $184.9 million in inflows. This resulted in Spot Netflow dropping 239% to -$8.77 million, a clear sign of aggressive spot accumulation.
Although whales on the spot side have shown higher determination, futures participants remain bearish. After DOGE reclaimed $0.1, Futures outflows skyrocketed to $508.1 million over 12 hours.
Over the same period, Futures inflow declined to $486 million. Futures Netflow consequently dropped 185% to -$22.06 million.
When Futures netflow dips into negative territory, it suggests increased market exits, with traders aggressively pulling capital out of the market. Often, reduced futures capital could lead to a more stable uptrend as the market becomes less aggressive.
With spot demand holding steady, the memecoin’s upside momentum remained elevated. At press time, the Stochastic RSI indicator rose to overbought territory but formed a bearish crossover, falling to 93.
Still, it remained in an overbought zone, showing increased buying pressure. Therefore, if recent demand holds, DOGE could hold $0.1 and eye its long-term resistance at $0.11.
