Will Dogecoin (DOGE) Price Surpass $0.22 as Bull Run Returns?
The post Will Dogecoin (DOGE) Price Surpass $0.22 as Bull Run Returns? appeared on BitcoinEthereumNews.com.
A few weeks ago, the market faced an unexpected downturn that created widespread confusion. During this period, several cryptocurrencies, including Dogecoin (DOGE), saw sharp declines. DOGE’s price plummeted to $0.083 during the crash. Although the meme coin has since regained value, the question remains: is this recovery here to stay? Dogecoin Fails to Succumb to Bearish Wishes According to Santiment, Dogecoin’s recent drop pushed the Market Value to Realized Value (MVRV) Z-Score into negative territory. The MVRV Z-Score measures whether a cryptocurrency is undervalued or overpriced compared to its fair value. When the score is positive, long-term holders tend to gain more profits than short-term holders, often indicating a bull market. Conversely, a negative score suggests that short-term holders benefit more, signaling a potential bear market. This pattern last appeared in February. Before that, it occurred in October 2023, when the current bull cycle began, and in June 2022, during a deep bear phase. Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference? Dogecoin MVRV Z-Score. Source: Santiment However, at the time of writing, the MVRV Z-Score has returned to negative territory, suggesting that Dogecoin may be primed for another bull run. Additionally, data from IntoTheBlock indicates that the Bulls and Bears indicator aligns with this outlook. In this context, bulls are addresses that purchased at least 1% of the trading volume, while bears are those that sold a similar amount. Currently, on-chain data shows more bulls than bears. If this trend holds, Dogecoin’s price could see a more substantial increase in the near future. Dogecoin Bulls and Bears Indicator. Source: IntoTheBlock DOGE Price Prediction: Will the Coin Hit $0.22 Again? On the weekly chart, BeInCrypto observed that Dogecoin is on the brink of breaking above the descending triangle. This triangle is generally considered a bearish pattern formed by…
Filed under: News - @ August 25, 2024 8:18 am