After the news of Elon Musk finally deciding to acquire Twitter, the meme currency, Dogecoin, surged nearly 10% in the early hours today. As per the deal, Elon Musk will pay $54.20 per share or $42 billion to acquire the firm.
At the time of publication, Dogecoin is changing hands at $0.063, down 1.26% over the past 24 hours. The dog-themed currency is still down nearly 92% from its all-time high of $0.74 in May 2021. Immediate resistance lies at $0.075, while support lies at $0.055.
A famous crypto analyst and trader, anonymously known as Smart Contracter, is claiming a bullish stance towards Dogecoin and informs his 211,200 followers on Twitter that the altcoin is currently in an accumulation zone.
Dogecoin on the Bull Run
He also believes that DOGE will very soon rise above $0.065.
Smart Contracter had accurately predicted the 2018 Bitcoin bear market six months before the event occurred; thus, he has a lot of credibility to his name.
Analytic firm sentiment holds the same view. The Santiment report claimed that whale transactions and funding rates on the network increased – the two most important indicators of market change.
As the two indicators, whale transaction and funding rates are leaning towards a positive end, Dogecoin is expected to see a bull run.
