Market Faces Seasonal Low as Dogecoin Experiences Price Drop
Release: 2024/08/25 18:44 Reading: 527
Market Faces Seasonal Low as Dogecoin Experiences Price Drop
On August 5th, the cryptocurrency market faced a seasonal low following a week of price declines. During this period, several cryptocurrencies, including Dogecoin (DOGE), experienced significant drops. DOGE's price plummeted to as low as $0.083 during the downturn. While there has been a subsequent price recovery, investors remain cautious about its sustainability.
Dogecoin's Current Status
Data from Santiment indicates that Dogecoin's recent price decline has pushed its Market Value to Realized Value (MVRV) Z-Score into negative territory. The MVRV Z-Score is an indicator used to determine whether a cryptocurrency is undervalued or overvalued relative to its fair value.
A positive MVRV Z-Score indicates that long-term investors are profiting more than short-term investors, which is generally seen as a sign of a potential bull market. Conversely, a negative value suggests that short-term holders are benefiting from the situation, potentially signaling a bear market.
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It is noteworthy that this scenario was last observed in February before the significant market rallies. It was also seen in October 2023, marking the start of the current bull market, and in June 2022, when the bear market was firmly established.
Currently, DOGE's MVRV Z-Score has entered negative territory, indicating that it meets one potential criteria for another rise. However, data from IntoTheBlock shows that the Bulls and Bears indicator is aligned with the MVRV value mentioned above.
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On-chain data reveals that bullish momentum is currently stronger than bearish sentiment. If this trend continues, a significant increase in Dogecoin's price may be witnessed in the near future.
Will DOGE Rise?
An analysis of DOGE's weekly price chart suggests that it is approaching a breakout from a descending triangle formation. Typically, if an asset falls below its support level, the trend is considered bearish. However, in DOGE's case, this scenario also presents the possibility of a move above the 78.6 Fibonacci retracement level.
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The 78.6 Fib level is commonly used to identify potential price targets before reaching the primary objective. Based on the chart above, DOGE's price could reach $0.16 in the medium term. With a successful upward breakout, DOGE could potentially climb as high as $0.22. However, if sentiment reverses and the breakout is downward, DOGE could retrace to $0.049.
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