In the fast-changing crypto market, finding undervalued coins with breakout potential has always been the dream goal of investors. Dogecoin (DOGE), once a 'meme coin', now firmly stands among mainstream digital assets. It not only has a strong community and celebrity endorsement (like Musk) but also boasts a mature network and strong brand value.

In the past week, DOGE experienced a decline of about 19%, retracing from its peak and triggering market fluctuations. However, at the same time, on-chain data shows a surge in new wallet addresses and increased retail investor activity, indicating that market attention on DOGE is warming up.

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🔍 On-chain data highlights:

  • MVRV ratio shrinking: This indicates that Dogecoin's current price is in an undervalued range, leaving room for subsequent rebounds.

  • The number of new wallets has increased significantly: indicating that more retail investors are re-entering the market, and market enthusiasm is beginning to heat up.

📈 Technical analysis: Opportunities and challenges coexist

📊 Market sentiment analysis:

According to Coinglass data:

  • Bullish accounts account for 75%, and most investors still hold a bullish attitude.

  • Buy and sell volumes are basically balanced, and overall market sentiment tends toward neutrality.

⚠️ Potential risk warning:

Although bulls are strong, low trading volume and OBV not reaching new highs indicate that the rebound has not yet been fully established. If there is no increase in volume in the short term, DOGE may test the $0.212 support level again, or even fall below it.

💡 Summary:

Dogecoin's recent pullback is both a risk test and a window for 'bargain hunting'. The current technical structure remains healthy, and on-chain data supports rebound expectations, but the strength of the rebound still needs to be accompanied by increased volume. For patient investors, it’s crucial to focus on the stabilization near $0.212, manage positions well, and seize structural opportunities.

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