Dogecoin Miners Accumulate 280M DOGE in 50-Days: Price Breakout Ahead

Dogecoin Price Analysis:

Dogecoin price continues to consolidate above $0.10 on Sept 23, since a 12% surge in the aftermath of the Fed rate cut. On-chain data trends reveals how miners have accumulated over $25 million worth of DOGE within the last two-months.

Could this propel DOGE into another leg-up towards $0.15 in the week ahead?

Bull Holds $0.11 Support as Fed Rate Cut Boom Cools

On Sept 18, amid bullish tailwinds from the US Fed rate cut, DOGE price Having reclaimed the $0.10 for the first time in over 25-days.

While the crypto market entered a steep correction phase over the weekend, Dogecoin price held firm around the vital $0.11, showing signs of bullish resilience that could spark another leg-up in the week ahead.

The chart above shows how Dogecoin price rose 11.81%, between Sept 17 and Sept 21, as investors reacted to the US Fed’s 50bps rate cut. While the rally has cooled off, DOGE continues to consolidate above the $0.106 area at the time of writing on Monday Sept 23.

With Dogecoin outperforming it rival memes like Shiba Inu and PEPE, on-chain data trends highlights additional internal bullish catalyst propeling the accelerate price rally.

Miners Acquired $25M Worth of DOGE in the last 2-Months

Dogecoin’s chart-topping performance over the past week has been linked to bullish accumulation trend observed among miners. This move appears to have limited the sell-side pressure, allowing DOGE prices to race ahead of the broader market trend.

IntoTheBlock’s Miner reserves chart below monitors changes in DOGE balances held in wallets linked to recognized Dogecoin miners.

The chart above shows that Dogecoin miners held cumulative balance of 4.34 billion DOGE as of July 30. But that figure has since been on a steady uptrend, hitting 4.62 billion DOGE at the time of publication on Sept 23. This implies that Dogecoin miners have acquired over 280 million DOGE within the last 60 days.

Valued at the current prices of around $0.11 per coin, the miners have effectively prevented over $25 million worth of newly-mined coins from entering the short-term market supply.

This deflationary impact has contributed to DOGE’s resilient price performance in the recent weeks. If the miners’ buying trend persists, DOGE is likely to maintain relatively high support levels as bulls battle to drive the rally towards $0.20.

DOGE Price Forecast: Bulls Remain in Control as $0.10 Support Holds

Dogecoin (DOGE) is currently supported by key indicators that suggest a bullish outlook. The Bollinger Bands, a technical indicator measuring volatility and price trends, show DOGE’s price currently trading near the upper band at $0.106.

This reflects a sustained bullish momentum as DOGE has recently gained 11.8% over the last six days. The middle band at $0.102 serves as a dynamic support, and if prices consolidate above this level, DOGE could push higher.

Additionally, the Average True Range (ATR), which quantifies market volatility, is at 0.00518. A lower ATR indicates decreasing volatility, meaning the DOGE price may continue its upward trend with minimal fluctuations. Key resistance levels to watch are $0.110 and $0.115, where previous bullish attempts have stalled. Conversely, should the price retrace, $0.102 and $0.095 could serve as critical support levels, ensuring bulls remain in control.

In summary, with the Bollinger Bands signaling increased upside potential and the ATR reflecting reduced volatility, DOGE bulls look poised to defend the $0.10 support zone. A breakout above $0.115 could fuel further gains toward $0.20 if current momentum persists