Dogecoin Masuk Zona Akumulasi, Waktunya Serok?
Release: 2024/05/02 11:24 Reading: 320
Dogecoin: Accumulation Zone Signals Potential Reversal
Dogecoin (DOGE) has recently entered a significant accumulation zone, which industry analysts interpret as an opportune time to accumulate the meme crypto. This strategic window of opportunity is underscored by indications that DOGE may be poised to reverse its current downtrend.
Understanding Dogecoin's MVRV Ratio as a Buying Signal
As reported by Bitcoinist, data from market intelligence platform Santiment reveals that Dogecoin's 30-day MVRV ratio hovers around -15 percent. This metric implies that a significant number of Dogecoin holders are at a loss at this valuation.
Negative MVRV ratios often signify market bottoms for cryptocurrencies, suggesting undervalued conditions. This typically triggers a period of accumulation as investors seize the opportunity to buy the asset at what is perceived as a discount.
Not only are new investors attracted to DOGE at these levels, but existing holders are also looking to capitalize on the situation by increasing their holdings. Their aim is to lower their cost basis and eventually break even or profit when the price recovers.
This accumulation trend is evident in data provided by IntoTheBlock, which shows a substantial increase in the supply of tokens held by long-term investors (those holding for over a year).
Impact of Whale Activity on Price
The activity of DOGE whales, or large-scale holders, is another critical factor influencing the crypto's market dynamics. Recent transaction data highlights large movements of Dogecoin, including a transfer of 150,000,000 DOGE and another of 76,316,694 DOGE from trading platform Robinhood to unknown wallets.
These large transfers suggest that whales are also betting on a market recovery and are actively accumulating Dogecoin during this dip.
Strategic buying by whales can significantly impact DOGE's price due to their substantial market power. Observations from historical data indicate that price recoveries often align with the current MVRV values, hinting that a reversal may be on the horizon.
According to crypto analyst Kevin (formerly known as OG Yomi), Dogecoin is at a critical support level. Holding this level is crucial for the bullish outlook, especially given the overall conditions of the crypto market.
Kevin emphasizes in a recent post on X the importance of Dogecoin staying above this support to maintain its bullish momentum.
Market Risks and External Economic Factors
Dogecoin, however, is not without potential risks, primarily from broader market movements and macroeconomic decisions. With Bitcoin leading the current broad market decline, downward pressure is mounting.
Furthermore, upcoming announcements regarding interest rates by Federal Reserve Chair Jerome Powell could introduce additional volatility. If the central bank takes a hawkish stance by raising rates, Dogecoin, along with other cryptos, could face further declines. It remains to be seen.
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