Summary
TLDR: Dogecoin holder base has stabilized, on-chain and price metrics suggest a potential 40% correction in price. MVRV Z-Score indicates overvaluation, while EMA lines show bearish sentiment. Price could test $0.16 support zone and decline further to $0.12 or $0.10. Always do your own research before making financial decisions.
Key Points
1. The Dogecoin (DOGE) holder base has become stable in recent weeks, with a surge of over half a million holders in February, reaching a high of 6.5 million. However, the number of holders has since stabilized, which could lead to price stabilization or a correction.
2. The MVRV Z Score for DOGE has seen a rapid spike from 0.062 to 1.40 over two weeks, indicating a potential case of overvaluation. Historically, a high MVRV Z Score has preceded a price correction, with DOGE price dropping by almost 50% in the past.
3. The DOGE price prediction shows bearish signs ahead, with the long-term EMA crossing above short-term EMA lines, signaling a potential downtrend or bearish sentiment. The price could test the $0.16 support zone soon and potentially decline further to $0.12 or even $0.10, representing a 40% correction.