Signal price

Are these signals enough for the price of Dogecoin to go up by 40%?

  • Dogecoin price is wrapping around the $0.088 support floor, indicating that a volatile move is imminent.
  • Investors can expect DOGE to trigger a 40% upside move to $0.125 if the bulls manage to topple the $0.101 hurdle.
  • A daily candlestick close below $0.062 will invalidate the bullish thesis.

Dogecoin price has consolidated over the past five days, hinting at an explosive move. Given that this development is occurring above a stable support level, there is a good chance that the resulting breakout will propel DOGE higher.

The price of Dogecoin will increase

Dogecoin price increased by 45% from $0.065 to $0.095 and broke above the $0.087 barrier. This development comes after DOGE crashed 50% since May 6. This recovery should continue to rise, but this move will not be easy.

As the price of Dogecoin soars, investors can expect a volatile move. Considering that this range tightening occurs above a stable support level, the chances of a bullish breakout are higher.

Beyond an upside breakout, DOGE bulls need to clear the $0.101 hurdle to move higher and retest the $0.125 target. This move would constitute a 40% upside from the current position at $0.088.

DOGE/USDT 4-Hour Chart

This bullish outlook for Dogecoin price is supported by the extremely oversold state of the 365-day market value to realized value (MVRV).

This on-chain metric is used to determine the average profit/loss of investors who have purchased DOGE over the past year. According to research by Santiment, a value below -10% indicates that short-term holders are at a loss and are less likely to sell.

More often than not, this is where long-term holders accumulate. Therefore, any movement below -15% is called an “opportunity zone”.

For DOGE, the 365-day MVRV is hovering at -58%, which is well below the March 2020 value at -38%. This value represents the fact that a majority of DOGE holders are underwater and are unlikely to sell. This also indicates that the dog-themed crypto is in a good accumulation position.

DOGE MVRV 365 days

DOGE MVRV 365 days

A daily candlestick close below $0.062 will invalidate the bullish thesis for Dogecoin price by producing a lower low. In such a case, DOGE might plant 25% to retest the immediate support level at $0.046.