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Dogecoin Drops 19%, Long-Term Outlook Still Bright

Key Takeaways

  • Dogecoin (DOGE) recently experienced a 19% decline, creating new buying opportunities.
  • Despite short-term weakness, the long-term trend remains positive.
  • Technical indicators like RSI and OBV are showing mixed signals.
  • 75% of traders continue to bet on rising prices.

Pullback Opens Up New Opportunities for Buyers

Dogecoin has lost around 19% of its value over the past week. This decline has led to an increase in new wallet addresses, indicating growing interest from retail investors. Such movements are typical during volatile phases when speculative traders are looking for favourable entry points.

Technical Analysis: Support Zone at USD 0.212

The daily chart presents an overall bullish picture. The Relative Strength Index (RSI) is above 50, indicating positive momentum. At the same time, the On-Balance Volume (OBV) indicator shows that buying volume has recently weakened. Notably, the price found support at the 50% Fibonacci retracement level at USD 0.212, measured from the rise between USD 0.164 and USD 0.26.

Short-Term Structure Favourable for Buyers

On the 4-hour chart, a local high at USD 0.229 was surpassed. This suggests a short-term trend reversal in favour of buyers. However, volume remains below expectations. The OBV has yet to reach the highs seen on May 16. This could indicate an upcoming correction, possibly back to the area around USD 0.212.

Market Sentiment: Majority Expecting Higher Prices

Data from Coinglass shows that 75% of active accounts are betting on rising prices. The ratio of long to short positions has remained steady for a month. At the same time, the ratio of buy to sell volume is nearly balanced. This points to a neutral short-term sentiment, despite the dominance of long positions.

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Long-Term Outlook: DOGE Remains Undervalued

The MVRV index (Market Value to Realized Value) suggests that Dogecoin is currently trading below its fair value. This indicator compares the current market value with the average purchase price of all coins in circulation. A low MVRV value indicates that many investors are currently at a loss – a potential buy signal for long-term investors.

Our Assessment

Despite the recent decline, Dogecoin maintains a stable structure. In the short term, further fluctuations are likely, especially if volume remains low. However, DOGE continues to be attractive in the long run – particularly for traders anticipating another rally. The technical support at USD 0.212 is crucial. If it holds, the next upward move may not be far off. Monitor volume and reactions to support zones closely before entering a position.

Casinos: 45
Profile Dogecoin
Symbol DOGE
Coin type Alt Coin
Transaction Speed Medium
Pros
  • One of the fastest coins for payments
  • Easy entry into the crypto world
Cons
  • As an original Bitcoin parody, offers no technical innovations
Further practical applications
Price 0.217442
24h % -1.31 %
7d % -8.84 %
30d % 36.66 %
60d % 24.46 %
1y % 40.40 %
Market Cap $32,526,913,260.00
Official Links
Socials Reddit | X
Best 3 Dogecoin casinos

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Isabella Brown

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Last update: May 19, 2025

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