The Dogecoin (DOGE) price has had a disappointing pullback over the past few weeks after failing to form an ascending triangle pattern.

However, investors' persistent optimism could change this as they turn to accumulation.

Dogecoin investors can accumulate

DOGE price is likely to recover as long as holders remain optimistic in their behavior. The Market Value to Real Value (MVRV) ratio shows this is possible. The MVRV ratio evaluates the investor's profit or loss.

Currently, Dogecoin's 30-day MVRV is at -13%, indicating profitability, which could lead to buying pressure. Historically, MVRV DOGE between -8% and -20% has often signaled the start of a recovery or price increase, indicating an opportunity zone for accumulation.

Dogecoin MVRV Rate | Source: Santiment

Additionally, the leading memecoin continues to attract the attention of potential investors, as shown by its adoption rate. This rate refers to the participation of new addresses to the network and the transactions they make.

In general, a low adoption rate shows that the project is losing its appeal in the market, which is a bearish sign. However, DOGE recorded a consistently high adoption rate despite a small decline over the past two months. The 27% adoption rate shows that investors remain optimistic about profiting from Dogecoin.

 Dogecoin adoption rate | Source: IntoTheBlock

DOGE Price Prediction: Comeback from three-month low

DOGE trades at $0.12 at the time of writing, close to the support level at $0.12. The memecoin hit a three-month low this week, but is likely to recover as the above signals support momentum.

DOGE's target is $0.14, which is the next major resistance level. A break of this level is needed to rally back to $0.15.

Dogecoin Price Analysis | Source: TradingView

However, if a return to $0.12 due to support fails, the price could face the risk of a decline or consolidation. In any case, a test of the $0.11 level is likely and losing it would invalidate the bullish thesis.

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