CandleFocus

Dogecoin (DOGE) Struggles to Rally Past $0.40 as Long-Term Holders Exit

Author: Content Editor
Dogecoin (DOGE) experienced a surge in price to a three-year high of $0.43 but has since retreated to $0.38 with a 3% daily increase. On-chain data indicates that the spike has encouraged long-term holders to take profits, which could result in DOGE losing its recent gains. The Mean Coin Age has declined by 1% over the past week, indicating that coins held for a long time are being moved or traded more frequently. The market value to realized value (MVRV) ratio suggests that DOGE is overvalued, potentially motivating holders to sell for profit. If selling pressure increases, the price of DOGE could drop below its support at $0.31 and potentially reach $0.21. However, if market sentiment improves and LTHs hold their positions, increased demand could push DOGE past $0.47 and towards $0.50.

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