Dogecoin MVRV Returns To This Crucial Level — DOGE Price Up 400% The Last Time

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Dogecoin MVRV Returns To This Crucial Level — DOGE Price Up 400% The Last Time - NewsBTC

Quick Summary:

Besides its on-chain significance, this level has proven pivotal in certain trend reversals seen in the past, with the DOGE price bouncing back to a new local high each time the MVRV ratio persists around this mark. The price of Dogecoin surged by 1,900% and 2,200% in August 2017 and August 2020, respectively, when the MVRV ratio was at its current level.

Related Reading: Ethereum Price Reaches Last H1 Support, Next Major Resistance Comes Into View The MVRV ratio basically tells how much value the investors hold (the market cap) against the value they put in (the realized cap).

As such, a high MVRV ratio is generally viewed as a price top signal because investors show more propensity to offload their assets when they are in profit.