Dogecoin

Value

when

<p>Dogecoin is down by 6.87% in the past 24 hours after a brief cooldown in bearishness. However, the downturn has given Dogecoin a hint of bullish reversal as it has entered a historically prominent buy zone. Interestingly, this is suggested by the MVRV ratio, which currently hints at a <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-indicator-goes-off/" rel="nofollow noopener" target="_blank">very bullish short-term bounce</a> for DOGE.</p> 
<p> DOGE’s 30-day MVRV clocking in at -13%, the king of meme coins looks attractively priced for traders eyeing a fresh entry. This is because historically, ratios around this range have preceded rallies and served as the best buying zones.</p> 
<h2 id="dogecoin-price-enters-opportunity-zone">Dogecoin Price Enters Opportunity Zone</h2> 
<p>MVRV stands for Market Value to Realized Value. It’s a metric that compares the current market cap of a crypto asset to the realized cap, i.e., the total amount paid for the coins currently in circulation. In simple terms, MVRV shows whether an asset is overvalued or undervalued relative to its fair value. A high ratio signals potential overvaluation, while a low or negative ratio hints at undervaluation and buying opportunities.</p> 
<p>Historically for Dogecoin, an MVRV ratio between -8% and -20% has always presented the start of price recoveries. In the past, these periods of negative MVRV were followed by significant price rallies. An example of this occurred not too long ago when the price of DOGE dropped by 31% between March 14 and March 20, resulting in the MVRV ratio falling to -15%. </p> 
<p>However, the meme coin reversed course shortly after and went on a 78% price surge peaking at $0.2262 on March 28. Currently, the 30-day MVRV ratio is at -13% after weeks of bearish price action. Interestingly, the drastic price decrease even saw the MVRV falling to a low of -16.7% in the past seven days, according to <a href="https://x.com/santimentfeed/status/1803245084177211724" rel="nofollow" target="_blank">Santiment data</a>.</p> 
<h2 id="what-s-next-for-doge-price">What’s Next For DOGE Price?</h2> 
<p>At the time of writing, Dogecoin is trading at $0.1168 and is on a 12.30% decline in the past 24 hours. Going by the MVRV ratio alone, we could actually <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-6150-rally-to-7-5/" rel="nofollow noopener" target="_blank">witness DOGE rebounding</a> to the upside very soon. While this doesn’t guarantee an imminent bounce, it aligns with phenomenon that led to Dogecoin rallies in the past.</p> 
<p>According to data <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=inAndOut" rel="nofollow noopener" target="_blank">from IntoTheBlock</a>, DOGE is currently positioned above a significant on-chain support level. Per the In/Out of the Money metric, Dogecoin is now sitting in a strong support zone where 41.81 billion DOGE tokens were acquired by investors at an average price of $0.106. This demand zone could prove to be very important if DOGE were to <a href="https://www.newsbtc.com/analysis/doge/dogecoin-bears-return-0-1220/" rel="nofollow noopener" target="_blank">extend its current price decline</a> and fall below $0.11.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/IU7L0rcV/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1576">

Dogecoin Price Enters Coveted Opportunity Zone – What This Could Mean For Price

İçindekiler

Bitcoinist

25 Haz 2024 tarihli diğer yazılar

Will The Upcoming Debate Between Biden And Trump Impact Bitcoin And Crypto Market — What The Anal...

Mummy Tate Memecoin to Surge Another 11,000% After Hitting $152,000 Market Cap, Looks to Challeng...

Digital Euro Faces Public Resistance Amidst Rising Bitcoin Advocacy

BNB Chain Dedicates $900K Liquidity Pool To Support And Develop Meme Coin Ecosystem (25 Jun)

Digital Asset Investment Products Experience Significant Outflows Amidst Investor Pessimism

How MoonBag Coin Snatched The Title of the Best Presale In 2024 From Fetch AI and Fantom?

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!