Dogecoin’s price has risen by 12.2% in the past 24 hours, reaching a yearly high of $0.4346. According to a little-known technical indicator, the Market Cap to Realized Cap (MVRV), Dogecoin still has room to rise. MVRV Z-Score measures the difference between market value and realized value to identify tops and bottoms in the market.
A rising MVRV Z-Score suggests potential for further price gains. Dogecoin is currently 170% away from reaching the $1 mark and on-chain metrics hint that this target is achievable within the month. Although the Relative Strength Index (RSI) is overbought at 83.85, the Average Directional Index (ADX) is at 26 and moving higher, suggesting high market volatility and a continued price increase.
Crypto analyst Ali Charts pointed out that despite Dogecoin’s price correction, its MVRV has reset to 45.65%, implying that there is still room for further gains. In the 1-week chart timeframe, Dogecoin’s price is forming a bullish reversal pattern called a cup and handle, hinting at a possible surge as high as $1.5 before hitting a major resistance.
However, Dogecoin may face resistance levels around $0.5 and $0.76, which corresponds to its previous all-time high. If the price falls below $0.2, the bullish thesis would be invalidated, and Dogecoin would enter a bear market. Dogecoin’s price is currently retracing but could still surge 170% to reach $1 by November, according to on-chain metrics and technical indicators.
