Dogecoin Enters Major Accumulation Zone, Is It Time To Get Back In?
Release: 2024/05/02 08:30 Reading: 973
The foremost meme coin, Dogecoin (DOGE), has entered a major accumulation zone, suggesting that this may be the right time to invest in the crypto token. This is also supported by the fact that the meme coin could soon experience a trend reversal from the current downtrend that it is experiencing.
Dogecoin Market Value to Realized Value (MVRV) Ratio Is A Buy Signal
Data from the market intelligence platform Santiment shows that Dogecoin’s 30-day MVRV ratio is around -15%, meaning many Dogecoin holders are currently at a loss. This negative MVRV ratio also signals a bottom for the meme coin, which usually ushers in a period of accumulation since the crypto token is currently undervalued.
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Besides new investors, Dogecoin’s current holders are also expected to use this opportunity to accumulate more of the meme coin in a bid to break even in their positions. This already looks to be happening, as data from IntoTheBlock shows a notable increase in the token supply held by long-term holders (more than a year).
Crypto investors buying up the Dogecoin dip can add significant buying pressure to the crypto token, which could spark a price recovery amidst this market downtrend. Moreover, on-chain data shows that Dogecoin whales are also accumulating during this period. Specifically, 150,000,000 DOGE were transferred from the crypto trading platform Robinhood to an unknown wallet, while another 76,316,694 DOGE were transferred from Robinhood to that wallet.
These whales have a massive influence on the market, and their buys could positively impact DOGE’s price. Meanwhile, it is also worth noting that this price recovery looks imminent for DOGE, considering that recovery has historically always occurred around this MVRV range.
What DOGE Chart Is Saying
Crypto analyst Kevin (formerly OG Yomi) recently stated that Dogecoin is currently at a “major support zone, one which he believes that the meme coin shouldn’t lose if the crypto market is indeed in a “real bull market.” The analyst mentioned in an earlier X (formerly Twitter) post that Dogecoin needs to hold above this level to remain bullish.
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However, Dogecoin risks dropping below that level, especially with the current market-wide downtrend with Bitcoin leading the charge. Moreover, Fed Chair Jerome Powell is set to announce the rate decision on May 1, which could cause DOGE and other crypto tokens to decline further if they decide to take a hawkish stance and increase interest rates.
Related Reading: Shiba Inu Sees 144% Spike In Major Metric, But Why Is Price Down?
At the time of writing, Dogecoin is trading at around $0.123, down over 10% in the last 24 hours, according to data from CoinMarketCap.
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