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VX: KP92877 QQ: 3908306664 There is no charge to enter the community, no exchanges, no recommended links As of press time on Friday, the price of Dogecoin (DOGE) was stable above $0.1600. After experiencing large fluctuations at the beginning of this week, it is now slowly beginning to stabilize. Bitwise’s Dogecoin spot ETF could go live within 20 days of Thursday’s Form 8(a) filing. The market is looking forward to ETFs. At the same time, on-chain data shows that the market may have bottomed out and investors with large wallets are also adding to their positions.  Dogecoin ETF may go into effect this month In the past, market speculation and hype often caused large fluctuations, so the launch of the ETF may push up the price of DOGE. The data on the chain shows the opportunity for reversal, and the big players are supporting the market! MVRV (market value to realized value ratio) can tell us the relationship between the current price and the purchase cost, help you see unrealized profits and losses, and determine whether the asset is overbought and oversold, or the top and bottom of the cycle. Taking Dogecoin as an example, the MVRV (7-day cycle) in the past 30 days is -13.26%, indicating that the currency purchased recently is still losing money. However, compared with previous decline bottoms (such as early October and late December 2024), the current oversold level is enough to rebound. But if MVRV continues to fall, it may retest the low of -20% earlier this year.  With the market likely to bottom out and everyone looking forward to ETFs, large wallet investors holding 100 million to 1 billion DOGE have increased their holdings from 19.5% on November 1 to 20.31% of the total supply on the chain. At the same time, large investors holding more than 1 billion DOGE remain cautious, and their positions still account for more than 47% of the on-chain supply.  Technical Outlook: Will Dogecoin Have a Breakout Rise? After falling 3% on Tuesday, Dogecoin is now trading sideways with support near the June 27 low of $0.15704. On the 4-hour chart, it is forming a double bottom pattern with the neckline at Wednesday’s high at $0.16886. If the closing price can firmly stand above the neckline, even if the breakout is confirmed, the bullish reversal will be established, with the potential target being $0.17816 (the original support level has now become resistance level). If prices continue to move higher, the 200-period moving average at $0.19755 could become the next key resistance. The RSI rebounded from 44 to near the midline, which also supports the possibility of a breakthrough, indicating that the selling pressure is weakening. Moreover, the uptrend in RSI and the sideways price movement create a bullish divergence, suggesting the opportunity for a strong rebound. Meanwhile, the MACD and signal lines are rising steadily in tandem, indicating that buying pressure continues to build.  If DOGE falls below $0.15704, the previously mentioned double bottom reversal pattern will be invalidated and the price may continue to decline, with the next support level looking at the June 22 low at $0.14270. If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Let us embrace the bull market, improve our winning rate, and say goodbye to high positions. Scan the QR code below to join us: VX on the left: KP92877 QQ on the right: 3908306664  |
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