It seems that Dogecoin, the meme coin has been seeing massive accumulation as of late. Check out the latest reports about what happened in the past 24 hours below.
Dogecoin sees insane accumulation
According to the latest reports, a widely followed cryptocurrency analyst is expressing bullish sentiment on DOGE.
Pseudonymous analyst Smart Contracter, who predicted the 2018 Bitcoin bottom six months before it dropped, said recently 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.”
He continued and said:
“I dare say revisiting this in a year’s time, DOGE will be a lot higher than $0.065.”
Dogecoin is up by approximately 6% over the past 24 hours.
Smart Contracter’s prediction coincides with crypto analytics firm Santiment. The firm was 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.”
DOGE in the news
It’s been revealed that the widely followed crypto analyst and trader is predicting that meme token Dogecoin (DOGE) could be headed toward a major rally. This was back in August.
The pseudonymous analyst known as Smart Contracter said recently that Dogecoin could be on the cusp of a massive rally.
This could be happening after witnessing a multi-month downtrend and breaking out of sideways accumulation.
“Two-month accumulation breakout on DOGE with decent volume.
Probably a decent set-and-forget play to be honest.”
According to Smart Contracter, the coin is currently mimicking Bitcoin’s (BTC) 2019 price action.