Price: $0.39432 1.6824%
Market Cap: 57.93B 1.7814%
Volume (24h): 10.82B 0.4%
Dominance: 1.7814%
Price: $0.39432 1.6824%
Market Cap: 57.93B 1.7814%
Volume (24h): 10.82B 0.4%
Dominance: 1.7814% 1.7814%
  • Price: $0.39432 1.6824%
  • Market Cap: 57.93B 1.7814%
  • Volume (24h): 10.82B 0.4%
  • Dominance: 1.7814% 1.7814%
  • Price: $0.39432 1.6824%
Home > Information news > Harga DOGE Dalam Zona Beli, Kesempatan Emas Bagi Investor?

Harga DOGE Dalam Zona Beli, Kesempatan Emas Bagi Investor?

Release: 2024/06/25 14:48 Reading: 272

Original author:Blockchain Media Indonesia

Original source:https://coinmarketcap.com/community/en/articles/667a6297195d597744eeb3cf

Harga DOGE Dalam Zona Beli, Kesempatan Emas Bagi Investor?

Dogecoin (DOGE) Prepares for Potential Bullish Reversal Amidst Significant Undervaluation

Dogecoin (DOGE) has taken a significant dip, shedding 6.87% in the past 24 hours. Despite this, promising signs of a bullish reversal are emerging.

The leading memecoin has entered a historically significant buy zone, as indicated by its Market Value to Realized Value (MVRV) ratio, signaling potential for a short-term surge.

MVRV Ratio Insights into DOGE's Price

According to Bitcoinist, Dogecoin's 30-day MVRV ratio currently stands at -13%, offering an attractive entry point for traders.

Historically, the ratio in this range has preceded price rallies, making this period an opportune time to accumulate DOGE.

The MVRV ratio compares a crypto asset's current market capitalization to its realized capitalization, reflecting whether it is overvalued or undervalued relative to its fair value.

A low or negative MVRV ratio signifies undervaluation and a potential buying opportunity.

For Dogecoin, an MVRV ratio between -8 and -20% has consistently marked the beginning of price recoveries. In the past, these negative MVRV periods have been followed by significant price jumps.

For instance, from March 14th to 20th, DOGE's price plunged by 31%, driving its MVRV ratio to -15%. Shortly after, Dogecoin reversed course and surged by 78%, peaking at $0.2262 on March 28th.

Current Market Dynamics

Dogecoin's 30-day MVRV ratio currently rests at -13% after weeks of bearish price action. Notably, this sharp price decline has dragged the MVRV ratio down to -16.7% over the past seven days, as per data from Santiment.

This suggests that Dogecoin is currently undervalued, providing a potential entry point for traders.

At the time of writing, Dogecoin is trading at $0.1168, reflecting a 12.30% decline in the last 24 hours. Its MVRV ratio alone suggests a likelihood of an imminent rebound, although this is not a guaranteed outcome. The current conditions align with historical patterns that have led to Dogecoin price surges in the past.

Furthermore, data from IntoTheBlock indicates that Dogecoin is resting above a significant on-chain support level.

The In/Out of the Money analysis shows that DOGE is within a strong support zone where 41.81 billion DOGE were purchased by investors at an average cost of $0.106. This zone could prove crucial should DOGE extend its current price decline and drop below $0.11.

The current market conditions suggest that Dogecoin is poised for a potential bullish reversal. The MVRV ratio points to undervaluation, and significant on-chain support adds to the likelihood of a price rebound.

While the historical performance of the MVRV ratio has led to rallies, it is essential to consider other market factors before making investment decisions.

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