The largest meme coin by market value, Dogecoin (DOGE), rapidly lost value following the recent BTC drop. DOGE, which already couldn’t achieve significant gains compared to other altcoins, took its share of the decline. So, what levels can be tested according to current market predictions? What awaits investors at this stage? Here are the details.
Dogecoin (DOGE)
Dogecoin‘s price may have entered an accumulation phase again according to historical data. This means that sales are calming down, and the price may start moving north. The thing that doesn’t highlight the recovery chance here is the MVRV ratio. Dogecoin’s 30-day MVRV is at -13%, indicating a point that could trigger buying pressure.
Historical data tells us that an MVRV ratio falling between -8% and -20% triggers reversals. If the same happens again, the current level for DOGE could be one of the attractive areas for buying before a rally.
Despite having many alternatives, the first popular meme coin in crypto, which had long-term support from Elon Musk, still holds hope. The story that was attempted to be revived on the GME front this month was an opportunity, but the BTC drop did not allow it. On the other hand, the high adoption rate reaching 27 confirms that investors are not that pessimistic.
Dogecoin (DOGE) Price Prediction
At the time of writing, the popular altcoin was lingering around $0.124. The key support level it needs to reclaim here is at $0.128. In an environment where the altcoin, which has already eroded significantly, has fallen to the lowest price of the last 3 months, it needs to reclaim this support to start a recovery.
The possible target for DOGE is $0.142, and after surpassing this, the meme coin king needs to rise to $0.151. But what if the support level cannot be reclaimed? In this case, a test of $0.116 and consolidation around this area will be expected at best. If closures below the key support level start to be seen following its test, deeper dips are possible. The target for excessive sales is at $0.08, and if BTC experiences a sharp sell-off, it could drop to this level.
