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Old rules!
Dogecoin confirms price reversal, getting closer to the accumulation zone
Dogecoin faces short-term decline as market optimism has saturated. Many investors view this decline as a natural adjustment rather than the end of growth momentum. Despite the recent drop, DOGE is getting closer to a new beginning, and the long-term outlook remains hopeful.
DOGE investors may soon accumulate
The long-term unrealized profit/loss (NUPL) indicator shows that long-term holders' (LTH) investor sentiment is more hesitant than in previous bullish cycles. In the past, when the NUPL indicator exceeded 0.5, it usually led to profit-taking pressure, causing prices to fall. However, this time NUPL exceeded this level earlier, reflecting increased skepticism during price rises, leading to greater selling pressure. This adjustment may lower prices, providing buying opportunities for those who believe in DOGE's long-term potential.
Dogecoin NUPL |
Moreover, the 30-day Market Value to Realized Value (MVRV) ratio also shows signs of a shift. Currently, this indicator records about 2.4% losses for new investors, bringing DOGE closer to the 'opportunity zone' (when MVRV is between -9% and -20%). This is typically a price area where investors start buying heavily, providing opportunities for future price reversals.
Dogecoin's MVRV Ratio |
DOGE is still struggling to maintain the support zone
DOGE is currently trading at around $0.215, slightly below the support level of $0.218. If selling pressure continues, prices could break below this support and slide down to $0.198. Falling below this level would put DOGE into an accumulation zone, which could trigger a reversal and lay the groundwork for potential growth.
Falling to $0.198 is likely to further boost buying, especially from long-term investors. This move could lay the foundation for DOGE's recovery in the coming days.
DOGE Price Analysis
If selling pressure eases and prices begin to reverse, DOGE may rebound from the support level of $0.218 and rise to $0.241, negating bearish arguments and marking the beginning of a new upward trend for $DOGE.
