Dogecoin (DOGE) shows signs of stabilization at $0.105 as key on-chain metrics suggest undervaluation. The MVRV ratios have recovered from recent sharp losses, with the 7-day reading entering a zone historically correlated with market bottoms. An analyst highlights that DOGE’s current price sits in the same demand zone that preceded its massive 2021 rally, while derivatives data indicates falling volume and open interest.
Dogecoin is trading at $0.105 after stabilizing from a broader market correction. On-chain data from Santiment suggests the cryptocurrency may be approaching an undervalued zone.
The 30-day MVRV ratio improved to -14.40%, recovering from -20.80%. The 7-day MVRV also rose to -1.16%, a level where market bottoms have previously formed.
Analyst Crypto Patel highlighted the current DOGE price range. He said the current price is sitting in the same macro zone as the 17,000% Dogecoin price rally in 2021.
The identified multi-cycle demand zone is between $0.10 and $0.06. Patel’s speculative long-term price targets are $0.50, $1.50, and $4.00, with an invalidation level below $0.06 on weekly charts.
Derivatives data from CoinGlass shows a 31.21% decline in trading volume to $2.66 billion. Open interest decreased by 9.46% to $1.19 billion, with a weighted funding rate of -0.0082%.
Analysts note the derivatives market sentiment appears weak. However, the repaired MVRV readings provide some measure of relief as the token exhibits early signs of stabilization.
