The Dogecoin price (DOGE) has recently shown signs of recovery, bouncing on a downward trend line of two months and trying to guarantee a level of key support at $ 0.26.
However, the play even is faced with challenges in maintaining its rise up, because the action of investors will play a crucial role. If DOGE holders do not reach, market conditions could push the price down once again.
Dogecoin investors can have an opportunity
The ratio of the market value of the DOGE market (MVRV) is at -15.5%, placing it in the “opportunity area” between -10%and -24%. Historically, this area was an inversion point for Dogecoin, because the sales pressure tends to saturate. When this happens, investors often intervene to accumulate assets at low prices, anticipating a rebound.
If DOGE investors decide to capitalize on these low prices and start to accumulate, this could trigger a price resumption. The MVRV ratio suggests that the meme part is undervalued at its current levels, and a change in feeling could lead to an increase in price, helping the Doge price to overcome its recent downward trend.
The global macro momentum for Dogecoin is worrying due to the proximity of the exponential mobile averages of 50 days and 200 days (EMAS). These EMAs are about to form a “cross of death”, which occurs when the 200 -day EMA crosses the EMA of 50 days. This model signals a downward trend and could weigh more on the feeling of investors if it materializes, which would end an optimization of 4 months.
If the recovery of Dogecoin continues to be delayed, the formation of a skull could point out an additional down pressure. This technical phenomenon would indicate that Altcoin is entering a prolonged downward trend, which makes it even more difficult for Doge to set up recovery and resume the lost ground.
Doge -priced prediction: reverse resistance in the support
Dogecone currently costs around $ 0.27, trying to guarantee the level of $ 0.268 as a support. If he manages to maintain this support, he could give Doge the boost he needs to increase around $ 0.311. Securing this level would be a positive step, marking the start of a potential price recovery for the memes piece.
If investors’ feeling improves and start to accumulate Doge, the price could take enough momentum to unravel the level of resistance of $ 0.324. The successfully reversal of $ 0.324 in the support would invalidate the current lowering prospects and the signal that Dogecoin recovery is gaining ground.
However, if Dogecoin fails to guarantee the support of $ 0.268, the price could lower to $ 0.220. Such a decline would probably lead to the formation of a death cross, invalidating upward perspectives and further signaling the disadvantages of Altcoin.
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