A widely followed cryptocurrency analyst is expressing bullish sentiment on the tenth-largest digital asset by market cap.
Pseudonymous analyst Smart Contracter, who predicted the 2018 Bitcoin bottom six months before it dropped, tells his 211,200 Twitter followers that Dogecoin (DOGE) is currently undergoing massive accumulation.
“DOGE/BTC has the most insane looking high time frame accumulation going on. I haven’t seen something that looks like such a clean accumulation like this in a long time.
I dare say revisiting this in a year’s time, DOGE will be a lot higher than $0.065.”
Dogecoin is exchanging hands at $0.06445 at time of writing, up by approximately six percent over the past 24 hours.
Smart Contracter’s prediction coincides with cryptocurrency analytics firm Santiment claiming that Dogecoin’s whale transactions and funding rates have risen in the recent past.
“Dogecoin is up a solid +9% in the past day and a half, and the meme coin is still ranked as the 10th largest market cap asset in crypto. Whale transactions and funding rates have just spiked, which are two great predictors of price direction change.”
Online brokerage app Robinhood currently owns the address holding the largest amount of Dogecoin – a stash worth over $2.5 billion. That’s nearly a third of the total supply.
Check Latest Coin Values at CoinPrice.Watch
Disclaimer: Opinions expressed at BitcoinLinux are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. BitcoinLinux does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is BitcoinLinux an investment advisor. Please note that BitcoinLinux participates in affiliate marketing.
Featured Image: Shutterstock/arvitalyaart