The crypto analyst lumen has shown a significant accumulation trend at Dogecoin whaleWhich offers an optimistic outlook for the Doge Prize. The analyst also mentioned what could drive the price of the Meme coin to 0.5 US dollars, and marked a bullish reversal for Dotecoin.
Dotecoin whales accumulate as price eyes at $ 0.5
In X PostLumen revealed that Dogecoin whales in 72 hours 1.7 billion doge (298 million US Dogecoin ETF approval. The accumulation of this whale came in the middle of a massive price accident for Dogecoin, which has dropped by 20% in a week and has dropped from around $ 0.16.
Lumen then gave a price proposal for the most important Memmed coin. He explained that if Doge recaptured 0.2 US dollars before the approval of ETFs, Dogecoin could collect Due to the liquidity of ETFs to $ 0.5. He added that the richest man in the world, Elon MuschusCould again resume bull posting via Dogy, as he had done before.
It is worth noting that the US Securities and Exchange Commission (SEC) recently postponed the approval process for approval Grayscale’s Dogecoin ETFAnd indicates that the outstanding DogeTF applications will not be approved so soon. Despite this development, the crypto analyst Ali Martinez predicted that mastiff could recover soon.
The analyst said that investor’s mood has been most negative for over a year. Martinez added that extreme fear in the past has caused the stage for great reversations. In agreement with this, he noticed that this could be a great opportunity to be a contrarier.
Current condition for Doge
Crypto -analyst Kevin Capital offered an insight into the current price campaign by Dogecoin. He explained that Doge had a back test of the macro -0.5 -fibonacci level. It also supported the macro trends, including 200-week-free moving average (SMA) and the exponential moving average (EMA). In the meantime, the 3-day relative strength index of the Meme Coin (RSI) is located on historical lows.
The analyst explained this when the Bitcoin price If macroeconomic data and monetary policy adhere, this could be the last opportunity to buy Doge relatively cheaply. He added that there are many factors in the game and there is a lot of work to do, but the risk of risk at this level is “excellent” under the circumstances.
Crypto -analyst Dealer Tarderrade also offered a bullish view for Dotecoin. He explained that Doge forms a 5-wave expansion wedge and approaches an outbreak in the 4-hour table. The analyst added that after a confirmed RSI bullish divergence, Dogen went back into the descending line of the wedge, which indicates that an reversal was imminent.
At the time of the letter, the Doge Prize will be traded by more than 2% in the last 24 hours at around 0.16 US dollars, so Data From coinmarketcap.
Selected picture of Adobe Stock, diagram of tradingview.com
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