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, for the first time since December 2022, there has been a huge increase in DOGE transactions in the region of $1 million and above. Sentiment, a popular on-chain analytical platform, highlighted the whale transaction marking level 37. Additionally, transactions within the $100,000 range also reached 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.
After failing to sustain the levels above $0.1, DOGE price declined slightly to test the $0.09 support area. Meanwhile, a notable bullish volume has begun, but not enough to ignite a strong upswing, above bearish confinement. Besides this, the volumes have also turned extremely low which may hinder the progress of further rally.
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.
