Crypto News Report:
DOGE’s price surged significantly in the past 24 hours, with traders viewing the recent downturn as a buying opportunity.
Amidst the latest market-wide decline, Dogecoin (DOGE) has seen the most pronounced drop in its 30-day Market Value to Realized Value (MVRV) ratio. However, as of the time of writing, this trend has shifted. Indeed, over the past 24 hours, there has been a notable turnaround, indicating signs of a rebound for DOGE.
Analyzing DOGE’s MVRV
According to Santiment data, Dogecoin’s MVRV experienced the largest decline among nine assets. In fact, the 30-day MVRV chart hit a low of -19.7%.
This metric compares an asset’s market value to its realized value, showing a significant devaluation of DOGE. Prices have decreased compared to the average purchase price over the past month. Typically, this could be seen as a potential signal of undervaluation or overselling of the asset.
DOGE’s MVRV in the Past 24 Hours
However, over the last 24 hours, there has been a significant reversal of this indicator, with DOGE’s MVRV ratio climbing to approximately 13.6%.
This positive change may indicate a resurgence in valuation, potentially driven by sustained buying interest.
Traders and investors may be capitalizing on perceived low prices, indicating renewed confidence in the asset’s potential growth.
Dogecoin Shows Slight Recovery
Lastly, recent analysis by AMBCrypto indicates that Dogecoin’s price has slightly increased in the past 24 hours. On June 5th, DOGE traded at around $0.105, marking a rise of approximately 0.6%. At the time of writing, its trading price is approximately $0.107, reflecting a more significant increase of over 2%.
Additionally, the Relative Strength Index (RSI), a key indicator measuring market momentum, has also revealed an important finding.
RSI had previously dropped below 30, indicating DOGE was oversold—a strong bearish signal. However, at the time of writing, RSI has slightly surpassed this critical threshold, suggesting a minor uptick in the charts.
The trend of RSI may indicate that while Dogecoin still shows signs of a bearish trend, there has been a subtle shift towards recovery, especially amidst broad-based increased buying interest. This could alleviate some downward pressure on its price.