TLDR
- Dogecoin recently dropped over 20% along with other memecoins during last week’s market selloff, but short-term holders have been buying the dip rather than selling.
- On-chain metrics show DOGE is currently in an undervalued zone, with the MVRV Z-Score near historic lows that previously preceded major bull runs in 2017 and 2021.
- The Reserve Risk Indicator remains in the green accumulation zone, showing holder conviction is high while the market has not overheated.
- Dogecoin broke above a multi-year descending resistance line and successfully retested the $0.15-$0.16 support level, which is now acting as a new floor.
- Technical analysis shows DOGE trading around $0.20-$0.21 with key resistance at $0.28-$0.30, while the long-term pattern suggests a potential bullish…more
Source coincentral.com
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