Price: $0.38837 0.954%
Market Cap: 57.01B 1.915%
Volume (24h): 24.97B 0.4%
Dominance: 1.915%
Price: $0.38837 0.954%
Market Cap: 57.01B 1.915%
Volume (24h): 24.97B 0.4%
Dominance: 1.915% 1.915%
  • Price: $0.38837 0.954%
  • Market Cap: 57.01B 1.915%
  • Volume (24h): 24.97B 0.4%
  • Dominance: 1.915% 1.915%
  • Price: $0.38837 0.954%
Home > Information news > Dogecoin Price : DOGE Enters Major Accumulation Zone; Buy or Sell?

Dogecoin Price : DOGE Enters Major Accumulation Zone; Buy or Sell?

Release: 2024/05/04 17:46 Reading: 964

Original author:Coingape News Media

Original source:https://coingape.com/?post_type=blog&p=194787

Dogecoin Price Analysis: Accumulation Zone or Sell Signal?

In the dynamic realm of cryptocurrency, Dogecoin's price has once again taken center stage. Amidst market volatility, analysts have identified Dogecoin's current position as a potential accumulation zone. Investors, both experienced and novice, are faced with a crucial dilemma: buy or sell?

Market Performance of DOGE


Dogecoin currently trades at $0.127, marking a 1.84% increase over the past day. However, it has experienced fluctuations, including a 15.49% decline over the past week and a 32.10% drop over the past month. Despite these setbacks, DOGE has demonstrated resilience, with a 61.58% appreciation over the past year. It currently ranks 8th among the top 10 cryptocurrencies by market cap, valued at $1.92 billion, according to CoinMarketCap.

The pioneering memecoin has seen a surge in trading activity, with a 12.69% increase in volume to $1.88 over the past 24 hours.

MVRV Ratio Signals Opportunities

Data from Santiment indicates that Dogecoin's 30-day Market-Value-to-Realized-Value (MVRV) Ratio is approximately -15%. This suggests that a significant number of Dogecoin investors are currently experiencing financial losses. However, this unfavorable MVRV ratio can also guide potential investors, indicating a potential low point for the meme coin and suggesting an undervalued asset suitable for purchase.

On-chain Data Supports Accumulation

On-chain data supports this narrative. Not only are new investors considering this opportunity, but existing holders are also increasing their stakes to recoup losses. IntoTheBlock has reported a notable increase in the amount of Dogecoin held by long-term holders, indicating growing positive sentiment towards the cryptocurrency.

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