Dogecoin Set To See New Heights Amidst Increased Accumulation

After the news of Elon Musk finally deciding to acquire Twitter, the meme currency, Dogecoin, surged nearly 10% in the early hours today. As per the deal, Elon Musk will pay $54.20 per share or $42 billion to acquire the firm.

At the time of publication, Dogecoin is changing hands at $0.063 with a fall of 1.26% over the last 24hrs. The dog-themed currency is still nearly 92% down from its all-time high of $0.74 in May 2021. The immediate resistance lies at $0.075, while the support is at $0.055.

A famous crypto analyst and trader, anonymously known as Smart Contracter, is claiming a bullish stance towards Dogecoin and informs his 211,200 followers on Twitter that the altcoin is currently in an accumulation zone.

Dogecoin On A Bull Run

He even believes that DOGE will move much higher than $0.065 soon.

doge/btc has the most insane looking high timeframe accumulation going on, i haven’t seen something that looks like such clean accumulation like this in a long time.
i daresay revisiting this in a years time $doge will be a lot higher than $0.065c 😂 pic.twitter.com/t7kRsD7zzT
— Bluntz (@SmartContracter) October 4, 2022

Smart Contracter had accurately predicted the 2018 Bitcoin bear market six months before the event occurred; thus, he has a lot of credibility to his name.

Even the analytic firm Santiment is of the same opinion. Santiment’s report claims that there is an increase in whale transactions and funding rates on the network- which are the two most crucial market change indicators.

As the two indicators, whale transaction and funding rates are leaning towards a positive end, Dogecoin is expected to see a bull run.

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Source: https://coinpedia.org/altcoin/dogecoin-set-to-see-new-heights-amidst-increased-accumulation-claims-analyst/