Dogecoin in the Danger Zone: Bearish Reversal Signal Puts Price in Jeopardy
Monday, 8 April 2024, 12:30
Dogecoin Will See Some Drawdown
Dogecoin price is currently vulnerable to a massive correction in price owing to a bearish pattern. To make things worse, the meme coin is witnessing no support from investors either.
Investor Behavior Impact
- Investors may trigger profit-taking as rising profits lead to potential sales.
- MVRV ratio at 9.2% indicates profit, historically correlating with corrections in the danger zone of 8%-18%.
- Market top possible with profitable supply at 95% of total circulating DOGE, currently at 90%.
DOGE Price Prediction: A 40% Correction
Dogecoin's price is currently trading at $0.206 and faces a bearish reversal pattern targeting $0.127, marking a possible 40% decline.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.