Harga DOGE Dalam Zona Beli, Kesempatan Emas Bagi Investor?
Release: 2024/06/25 14:24 Reading: 898
Dogecoin Poised for Bullish Reversal, MVRV Ratio Suggests
Dogecoin (DOGE) has experienced a significant decline, dropping by 6.87% in the last 24 hours. However, there are promising signs of a bullish reversal.
MVRV Ratio Insight on DOGE Price
According to a Bitcoinist report, the 30-day Market Value to Realized Value (MVRV) ratio for Dogecoin currently stands at -13%, offering an attractive entry point for traders.
Historically, a ratio in this range has preceded price rallies, making this an opportune time to buy DOGE.
The MVRV ratio compares the current market capitalization of a crypto asset to its realized capitalization, reflecting if it is overvalued or undervalued relative to its fair value.
A low or negative MVRV ratio indicates undervaluation and a potential buying opportunity.
For Dogecoin, an MVRV ratio between -8% and -20% has consistently marked the onset of price recoveries. In the past, these periods of negative MVRV have been followed by significant price rallies.
For instance, from March 14-20, DOGE's price plunged by 31%, driving the MVRV ratio to -15%. Shortly after, Dogecoin reversed course and surged by 78%, peaking at $0.2262 on March 28.
Current Market Dynamics
Currently, Dogecoin's 30-day MVRV ratio is at -13% after weeks of bearish price action. Notably, the steep price decline drove the MVRV ratio down to -16.7% in the past seven days, as per data from Santiment.
This suggests that Dogecoin is currently undervalued, presenting a potential entry point for traders.
Conclusion
As of now, Dogecoin is trading at $0.1168, reflecting a 12.30% decline in the last 24 hours. The MVRV ratio alone suggests a potential rebound soon, although it is not a guaranteed outcome. The current conditions align with historical patterns that have led to Dogecoin price rallies in the past.
Additionally, data from IntoTheBlock shows that Dogecoin is sitting on a significant on-chain support level.
The In/Out of the Money methodology indicates that DOGE has strong support at where 41.81 billion DOGE were purchased by investors at an average price of $0.106. This zone could prove crucial if DOGE extends its current price decline and drops below $0.11.
The current market conditions suggest that Dogecoin is poised for a potential bullish reversal. The MVRV ratio indicates undervaluation, and the substantial on-chain support adds to the likelihood of a price rebound.
While the MVRV ratio's historical performance has led to rallies, it is crucial to consider other market factors before making investment decisions.
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