Dogecoin (DOGE) is facing another round of bearish pressure, aligning with the general cryptocurrency market narrative, with a trading expert warning of more losses for the top meme coin.
The potential drop stems from a technical formation where DOGE is experiencing a bearish crossover between the Market Value to Realized Value (MVRV) Ratio and its 30-day Simple Moving Average (SMA). Historically, this has signaled downward pressure, according to prominent trading expert Ali Martinez in an X post on February 2.
DOGE price analysis chart. Source: Ali_charts
The MVRV Ratio is a key metric to assess whether an asset is overvalued or undervalued relative to its realized price. When the ratio crosses below its 30-day SMA, it often suggests that holders are entering a period of profit-taking, leading to increased selling pressure.
“DOGE just experienced a bearish crossover between the MVRV Ratio and its 30-day SMA, signaling a steep price correction ahead,” Martinez stated.
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