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. Related News: Country Surprising with Bitcoin Assets Confirmed to Have Sold BTC Again: Here is the Sale Amount and Remaining BTC 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. Continue Reading: Sleeping Giant or Forgotten Legend? What to Expect from Dogecoin (DOGE) Price? Analyst Responds Based on Secret Metrics
