Shiba

Dogecoin

PEPE

Shiba Inu

The world’s first meme coin, Dogecoin (<a href="https://yellow.com/asset/doge" rel="noopener noreferrer nofollow">DOGE</a>) could be aiming for a <a href="https://www.fxstreet.com/cryptocurrencies/news/dogecoin-price-prediction-doge-could-see-new-yearly-high-following-15-surge-202410292058" rel="noopener noreferrer nofollow">new yearly high</a> as it rallied for 3 days leading up to October 29. On Tuesday the digital asset gained 8% which set the pace for a possible new high.
As of October 29, DOGE was trying to sustain an extended move above the $0.1756 resistance level. This led Dogecoin into a rectangular channel after it surged 15% for a few hours. However, a prevailing selling pressure caused the token to take a dip and reject this level.
The meme coin has gained 33% since Saturday, October 26, when they bounced off the 100-day Simple Moving Average (SMA). As Dogecoin's buying momentum increases, the token is likely to go beyond its yearly high of $0.2288. But before that, DOGE needs to regain the $0.1756 level and maintain above that.
There's a high potential for Dogecoin's price correction, as indicated by the token's Relative Strength Index (RSI), which is now in the overbought region.
According to data from some leading crypto metrics, there's a strong chance of price correction as more than 92% of the token's supply is lying in profits. This could lead to crypto investors partially booking profits to exert selling pressure on the Dogecoin holders.
The meme coin’s Market Value to Realized Value (MVRV) Ratio is at 77%, the highest in 5 months. The MVRV is a crucial indicator of the selling pressure as it calculates the average profit of all holders based on the price each token last moved. A high MVRV suggests DOGE token holders have gained 81% on their initial investment which means a price correction is likely to happen.
As the MVRV of Dogecoin reaches those seen in the last meme coins season, crypto traders are expecting another meme coins mania. The last one had its effect going into May.
In fact, the entire meme sector has surged 11% with tokens like Dogwifhat (WIF), PEPE and Shiba Inu (SHIB) gaining the most.
As of October 30, <a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">Dogecoin is trading</a> at $0.1684, down 3.21% in the last 24 hours while its trading volume dropped 33% to reach $2.75 billion. At present, the digital asset has a market capitalization of $24.69 billion, down by 3.42%.

Dogecoin Aims For New Yearly High Amidst Price Correction Speculation

Yellow News

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