Dogecoin (DOGE) Stunned by Death Cross

Dogecoin Faces Downside Risk as Market Value Falls Below Realized Value

The Market Value to Realized Value (MVRV) Ratio for Dogecoin (DOGE) has dipped below its 200-day moving average, signaling a bearish trend. Historically, this has led to significant price declines for DOGE:

• Fall 2023: 26% drop
• Summer 2024: 44% drop

The MVRV Ratio indicates that many holders are in a losing position, increasing selling pressure. Bollinger Bands suggest a potential 20% decline from current levels, bringing DOGE to a critical support zone around $0.219.

Market Dynamics Affect DOGE

The broader market plays a significant role in DOGE's price action. With Bitcoin struggling to reach six figures and altcoins experiencing volatility, it's difficult to be optimistic about DOGE's short-term prospects.

Dogecoin ETF Anticipation

The proposed Dogecoin ETF could potentially bring positivity. The theory suggests that once approved, funds will flow from Bitcoin ETFs to DOGE ETFs.

Note: Original article from U.Today has been filtered to remove CSS, JavaScript, and advertising content.