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Dogecoin Faces Bearish Pressure After MVRV Death Cross
Dogecoin’s (DOGE) recent decline in its MVRV ratio below the 200-day moving average has sparked concerns among traders and investors. This bearish indicator has been historically linked to price declines of up to 44% on two prior occasions, as highlighted by crypto analyst Ali.
The chart provided by Ali shows a significant correlation between the MVRV ratio dropping below its 200-day moving average and subsequent price drops in DOGE. The first instance occurred between September 23 and October 20, 2023, resulting in a 26% decrease. The second event, which unfolded from September 9 to September 27, 2023, saw an even steeper 44% drop.
The current price of DOGE stands at approximately $0.268, while the MVRV ratio rests at around 91%. This bears a striking resemblance to previous instances where DOGE’s value plummeted. The historical trend suggests that if this pattern repeats itself, we can expect a considerable correction in Dogecoin’s market performance.
The implications of this bearish indicator are dire for DOGE holders. As the market continues to monitor the situation closely, traders and investors must weigh their options carefully and consider potential losses.
Source: cryptonewsland.com
