Dogecoin Miners Return to Accumulation Mode
– On-chain data reveals that Dogecoin miners have started accumulating more coins after booking profits during a price rally.
– Their recent accumulation patterns could impact DOGE prices in the coming weeks.
Industry Headwinds are Driving the Ongoing Retracement
– The global altcoin market has contracted by 5% since August 8, which has negatively impacted DOGE prices.
– Despite the price drop, transaction activity on the Dogecoin network has increased significantly.
DOGE Price Prediction: Consolidation Above $0.06
– Based on on-chain stats, it is predicted that the DOGE price will consolidate around the $0.06 territory amid bearish headwinds.
– The In/Out of Money Around Price (IOMAP) data suggests that there is significant support at the $0.065 range.
Hot Take
Dogecoin miners returning to accumulation mode and the increase in transaction activity are positive indicators for the future price of DOGE. However, the industry-wide bearish headwinds may limit significant price gains in the short term. If these headwinds subside, DOGE could potentially rally towards $0.08 again. Overall, it will be important to monitor the actions of miners and transactional activity in the coming weeks to gauge the potential price movement of DOGE.
By
By
By
By