IntoTheBlock’s DOGE price prediction, as inferred from the In/Out of The Money Around Price (IOMAP) data, indicates a potential rise toward $0.09.
However, the bulls will first have to contend with a significant sell pressure from 142,000 addresses holding 15 billion coins at an average price of $0.084.
Conversely, the bears can seize control of the market if Dogecoin loses its current support at $0.076. Although the bullish cluster of 140,000 addresses that bought 8 billion coins at an average price of $0.076 will likely prevent this.
But if the Dogecoin price loses that support, holders can expect a further decline toward $0.066. Here, there is a more significant support of 520,000 addresses holding 45 billion DOGE.
Another critical factor that could add some credence to the positive DOGE price prediction is the low MVRV ratio. MVRV stands for Market Value to Realized Value Ratio. It estimates the current financial position of holders who recently bought an asset.
As things stand, the majority of DOGE holders appear disillusioned with their current financial position. The chart below shows the majority of investors that bought Dogecoin in the last 30 days are looking at losses of about 7%.
Notablly, any increase in unrealized losses will see DOGE holders sink to 10% underwater for the first time since the USDC de-peg contagion back in Barch
Hence, investors can be confident of a bullish DOGE price prediction because the low MVRV ratio means that current holders are unlikely to sell as they look to avoid making further losses.
