Best time to buy Dogecoin, is it time to buy?
In simple terms, Dogecoin price is showing signs of recovery and the price is expected to rebound. The MVRV ratio is in the opportunity zone, indicating that DOGE is ripe for accumulation. After a 4% increase in price, about $1.2 billion worth of DOGE will turn from loss to profit.
The price of Dogecoin (DOGE) has fallen sharply by 21% in the past few days. Although this decline seems bearish, it sets the stage for a potential bullish phase, indicating that it is a good time to accumulate.
Time to accumulate Dogecoin, despite the recent decline in its market value, Dogecoin is currently in a favorable accumulation position. The market value to realized value (MVRV) ratio, which assesses the profit or loss status of investors, indicates that the time is ripe to buy DOGE.
Currently, the 7-day MVRV ratio of Dogecoin is -7.55%, indicating that many holders are in a loss-making position - a situation that historically precedes a recovery phase. Usually, DOGE's recovery is observed when the MVRV ratio falls in the -5% to -15% range, marking an opportunity zone for investors.
Additionally, nearly 6.8 billion DOGE (worth over $1.2 billion) are on the verge of profitability, with a purchase price range of $0.169 to $0.188. With DOGE’s price currently near the higher end of this range, investor optimism is growing. This could discourage selling and encourage holding, potentially sustaining the uptrend.
DOGE Price Prediction: Bullish
If DOGE manages to establish $0.200 as a new support level, then it could target $0.220, a new high for the year. However, it is worth noting that the $0.20 and $0.18 levels have served as important resistance levels in the past. Failure to overcome these levels could negate Dogecoin’s bullish outlook.
