Dogecoin Stalls at $0.098 Resistance Amid Whale Accumulation

Dogecoin (DOGE) has been struggling to break above the $0.098 resistance level, despite a brief high of $0.0976 on October 2. The price settled around $0.093, with trading ranging between $0.0926 and $0.0935 through October 4. This technical rejection underscores the significance of $0.098 as a critical ceiling for DOGE in the short term.

Approximately 28 billion DOGE have previously exchanged hands near $0.098, leading to heavy selling pressure when price attempts to revisit this area. Major investors have continued to accumulate DOGE, with over 1.14 billion tokens worth about $112 million amassed by large holders, often referred to as whales. This accumulation signals sustained institutional interest in DOGE.

According to Coinpaper's recent outlook, $0.10 is a pivotal breakout point for Dogecoin, with subsequent upside targets near $0.11 and $0.12 if the bulls manage to clear resistance decisively. Meanwhile, U.S.-based investment products linked to Dogecoin saw an uptick in demand, with net weekly inflows reaching $2.9 million.