Dogecoin (DOGE) Enters Ideal Accumulation Zone

Dogecoin MVRV Ratio. Source: Santiment

Furthermore, investors also show conviction toward a rally. This is derived from the movement of supply within different categories of HODLers.

In the last two weeks, the supply held by long-term holders has seen a 9% increase from 38%. At 47%, they are now the largest holders of DOGE supply. These investors are known to hold their assets for more than a year, ascertaining confidence and conviction in the meme coin is high.

This could drive the rally further ahead and sustain the increase.

Dogecoin Supply Distribution. Source: IntoTheBlock

DOGE Price Prediction: Breakout Falling Wedge

Trading at $0.137 at the time of writing, Dogecoin is moving within a descending wedge. This bullish chart pattern is characterized by converging trendlines with lower highs and lower lows, indicating a potential trend reversal when the price breaks out of the wedge formation to the upside.

Thus, DOGE breaking out would likely push the price to $0.168 propelled by the market conditions. Breaching this resistance would mark a 24% rally for the meme coin.