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Dogecoin

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

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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 very bullish short-term bounce for DOGE.

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.

Dogecoin Price Enters Opportunity Zone

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.

Related Reading: Bitcoin Price Falls Below Short-Term Holders’ Realized Price Of $66,200 – What Are The Implications?

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%.

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 Santiment data.

What’s Next For DOGE Price?

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 witness DOGE rebounding 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.

Related Reading: Crypto Expert Says The Bitcoin Price Will Recover Again Once These Things Happen

According to data from IntoTheBlock, 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 extend its current price decline and fall below $0.11. 

Dogecoin price chart from Tradingview.com
DOGE price wavers amid bearish pressure | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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