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Lummen cryptographic analyst has revealed a tendency of significant accumulation between Dogecoin whaleswhich provides an upward perspective for the Dux price. The analyst also mentioned what could carry the price of the meme currency at $ 0.5, marking an upward reversal for Dogecoin.
Dogecoin whales accumulate as the price recovers at $ 0.5
In a X publicationLumen revealed that Dogecoin whales accumulated 1.7 billion Duxt ($ 298 million) in 72 hours, which indicated that indicates a bullish feeling ahead of a potential Dogecoin ETF approval. The accumulation of these whales has arrived in a massive accident accident for Dogecoin, which has fallen 20% in a week, falling from around $ 0.22 to only $ 0.16.
Lumen then gave a pricing for the most important meme coin. He affirmed that if Dege claims $ 0.2 before the approval of the ETFs, there is the possibility that Dogecoin can meet at $ 0.5 due to the liquidity of the ETF. He added that the richest man in the world, ELON ALMIZCLEHe could also resume Toro’s publication about Doge as he had done before.
It is worth mentioning that the United States stock and values commission (SEC) recently postponed the approval process for GRAYSCALAL ETF Dogoinsuggesting that ETF applications is unlikely to be approved in the short term. However, despite this development, the cryptographic analyst Ali Martínez has predicted that Dege could soon recover.
The analyst declared that the feeling of investors around Dogecoin is more negative in more than a year. Martínez added that historically, extreme fear has prepared the stage for the main reversions. In line with this, he commented that this could be a great opportunity to be an opposite.
Current status for doge
Cryptographic analyst Kevin Capital He provided ideas about the current price action of Dogecoin. He said Dege has had a subsequent test of the macro level 0.5 Fibonacci. It also has tested macro trend lines, including the simple mobile average of 200 weeks (SMA) and the exponential mobile average (EMA). Meanwhile, the Relative Force Index (RSI) of 3 days of the meme currency is found in historical minimums.
The analyst declared that if the Bitcoin price For macroeconomic data and monetary adjustment, so this could be the last chance to buy Doge relatively economic. He added that there are many factors at stake and there is a lot of work to be done, but the risk reward at this level is “excellent” given the circumstances.
Cryptographic analyst Tarded merchant He also provided a bullish perspective for Dogecoin. He said Dege is forming an upstream wedge of 5 waves and is approaching a break in the 4 -hour table. The analyst added that after a confirmed bullish divergence of RSI, Dege recovered to the descending line of the wedge, indicating that a reversal can be imminent.
At the time of writing this article, the Dux price is quoted at around $ 0.16, more than 2% in the last 24 hours, according to data of coinmarketcap.
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