Dogecoin (DOGE) price has been correcting over the past few days after posting a two-year high. The meme coin was expected to rise further but stopped in the last few days.
Interestingly, this has opened up DOGE to its investors in a positive new way, which might be the cause of its recovery.
Dogecoin Price Decline to Be Reversed?
Dogecoin price fell by more than 26% in the last ten days after the meme coin rallied to $0.178, marking a 26-month high. The altcoin at the time of writing can be seen changing hands at $0.134.
Nevertheless, this decline, despite being loss-bearing, has opened DOGE up to the potential for growth. In fact, the altcoin has become a far more lucrative asset than its biggest competitor, Shiba Inu.
This is because the Market Value to Realized Value (MVRV) ratio of DOGE suggests the cryptocurrency is ripe for picking. MVRV ratio compares the market cap of a cryptocurrency to its realized cap, indicating whether assets are overvalued or undervalued.
It also exhibits the right conditions for buying and selling. Whenever Dogecoin price correction places it below -4%, it enters the opportunity zone. This area, marked between -4% and -13%, has historically been the point of price recovery, making it the ideal zone for accumulation.
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Author: Aaryamann Shrivastava
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