Dogecoin Price Enters Coveted Opportunity Zone – What This Could Mean For Price
Release: 2024/06/25 10:34 Reading: 896
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=306927
Dogecoin Enters Bullish Buy Zone Despite Market Downturn
Dogecoin's recent 6.87% decline has signaled a potential bullish reversal. The MVRV ratio, which measures the current market value against the realized value of a cryptocurrency, has reached -13% for DOGE, indicating historically favorable buying opportunities.
MVRV: A Key Indicator
MVRV calculates the ratio between a crypto asset's market cap and the total amount paid for its circulating coins. High ratios typically suggest overvaluation, while low or negative ratios indicate undervaluation and buying opportunities.
Dogecoin's Historical Patterns
Historically, when DOGE's 30-day MVRV ratio has fallen between -8% and -20%, price recoveries have ensued. For instance, after a 31% price drop between March 14 and 20, DOGE's MVRV fell to -15%. The meme coin subsequently reversed course and surged 78% to $0.2262 on March 28.
Current Price Action
Currently, DOGE is trading at $0.1168, showing a 12.30% decline over the past 24 hours. However, the MVRV ratio suggests potential for an upside rebound, as it aligns with previous scenarios that led to DOGE rallies.
Strong Support Level
Data from IntoTheBlock indicates that DOGE is above a significant on-chain support level. Approximately 41.81 billion DOGE tokens were purchased at an average price of $0.106, providing potential support if the price continues to decline.
Conclusion
Despite bearish pressure, Dogecoin's MVRV ratio and on-chain support levels hint at a possible price recovery. While an immediate bounce is not guaranteed, the current market conditions align with historical patterns that have favored DOGE's bullish momentum. src="/uploads/20240625/1719283564667a2f6ca419e.png">
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