Cryptocurrency analyst Joao Wedson has published a compelling analysis of Dogecoin (DOGE). Wedson specifically points out that miners’ behavior could be a determining factor in DOGE’s future price movements.
“The Dogecoin bubble hasn’t burst yet, but long-term investors have recently taken profits. However, the real bullish signal may be coming from somewhere few are looking: miners,” Wedson wrote in his analysis.
According to Wedson, the Mining Equilibrium Index (MIE) indicates that Dogecoin is entering a major uptrend as miners return to high profitability. The recent rise in this index could be an early signal that purchasing power may be increasing again.
According to the analysis, the Bubble Risk indicator has not yet reached peak levels of over-exuberance or cycle fatigue, suggesting there may still be upside potential for Dogecoin before a major correction.
Additionally, both the Hash Capitulation Oscillator and Market Capitulation Oscillator indicators are stable, indicating that miners are not withdrawing from the market and the network remains generally robust.
*This is not investment advice.
