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.
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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.