DOGE holders may sell if it rises above key accumulation zone

• 
  DOGE
  will
  reclaim
  a
  key
  level
  if
  it
  rises
  by
  5%,
  and
  traders
  will
  likely
  sell
  as
  they
  break
  even.
• 
  DOGE’s
  social
  volume
  has
  reached
  its
  lowest
  level
  in
  the
  past
  year.
• 
  DOGE
  has
  underperformed
  other
  top
  meme
  coins
  year-to-date.

DOGE
is
down
more
than
1%
on
Thursday,
following
key
details
from
its
on-chain
data
revealing
a
potential
support
level
and
buy
zone
amid
market
uncertainty.

Why
the
coast
looks
gloomy
for
DOGE

DOGE
will
reclaim
a
major
support
level
if
it
rises
by
5%
above
$0.112.
IntoTheBlock’s
data
shows
that
more
than
84K
addresses
purchased
35.12
billion
DOGE
around
$0.103
to
$0.112.

However,
with
uncertainty
still
saturating
the
market
and
many
expecting
a
slow
July
for
cryptocurrency
prices,
the
$0.112
level
could
flip
to
a
resistance.
Considering
it
is
DOGE’s
largest
accumulation
zone,
most
investors
who
purchased
the
largest
meme
coin
at
the
$0.112
level
may
consider
de-risking
after
they
break
even.

DOGE
Global
In/Out
of
the
Money

The
current
market
quietness
could
also
prove
a
buy-the-dip
opportunity.
Since
June,
DOGE
saw
its
lowest
social
volume
in
the
past
year,
hovering
around
131
to
145.
Also,
DOGE’s
Market
Value
to
Realized
Value
(MVRV)
30-day
ratio
at
-8%
is
a
potential
buy
signal
in
preparation
for
future
price
growth.

However,
it’s
key
to
note
how
DOGE
has
underperformed
other
meme
coins
in
the
top
100
category.
Other
meme
projects
like
PEPE,
WIF,
BONK,
FLOKI
and
BRETT
have
seen
an
influx
of
capital
and
new
users
while
DOGE
lags.

Hence,
DOGE
may
respond
slowly
to
bullish
market
triggers,
unlike
the
2020/2021
cycle,
when
it
was
the
only
major
meme
coin
in
the
top
100.

In
the
short
term,
DOGE
could
see
several
shorts
liquidated
if
it
rises
to
$0.111,
which
has
a
liquidation
leverage
of
52.43,
according
to
Coinglass
data.

Meanwhile,
Ethereum-based
meme
coin
MOG
coin
has
been
a
standout
cryptocurrency
in
the
top
200
after
rising
17%
in
the
past
week.