Dogecoin (DOGE) price has risen by 27% over the past month, leading meme market gains. Interestingly, despite the double-digit price hike, a key on-chain metric signals that the meme coin remains undervalued, presenting a buying opportunity for market participants. 

If demand strengthens, Dogecoin’s price may extend its gains in the near term. Here is why.

Dogecoin Flashes Buy Signal

Dogecoin’s market value to realized value (MVRV) ratio, which measures the overall profitability of all its holders, shows that the altcoin is currently undervalued. This is happening despite the 27% spike in its price over the past month.

As of this writing, the coin’s 60-day MVRV ratio is -8.18%. A negative 60-day MVRV ratio indicates that Dogecoin’s current market price is below its average over the past 60 days. 

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

Negative MVRV ratios historically represent a buying signal. They suggest that the asset is being traded below its historical acquisition cost, thus creating a buying opportunity for traders looking to “buy low” and “sell high.”

Traders have seized upon this bullish indicator, with DOGE’s spot market recording its first net inflow in seven days. According to Coinglass data, the inflow into the meme coin’s market on Friday totals $2 million. This comes after seven consecutive days of spot market net outflows, which exceeded $35 million.

Spot inflow is a bullish signal. It indicates that investors are confident in Dogecoin’s mid/near-term prospects and are willing to hold it as an asset. 

DOGE Price Prediction: This Crucial Support Must Hold

At press time, Dogecoin trades close to the crucial support level of $0.137. With increased inflow into its spot market, bulls are positioned to defend this price point, potentially initiating an uptrend if demand strengthens.

The coin’s bullish sentiment is further supported by its bull-bear power (BBP) indicator, which measures buying and selling pressure in the market. Currently, the BBP sits at 0.0033, suggesting bullish momentum. When this indicator is positive, the bulls control the market.

If bulls maintain their grip, they could drive Dogecoin’s price towards the resistance level at $0.154. A successful breakout above this threshold would allow the meme coin to reach $0.172, a high not seen since May.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

However, if demand wanes and the $0.137 support level fails to hold, Dogecoin’s price could drop significantly towards $0.112.

The top trending cryptos today differ from those on the list in recent days. While two of the altcoins have appeared before, one is a new entrant associated with the Telegram messaging app.

It’s crucial to recognize that the trending status of these altcoins does not guarantee a price increase, as they may be trending for various reasons. As of October 25, the top three trending altcoins on CoinGecko are Goatseus Maximus (GOAT), Notcoin (NOT), and Scroll (SCR).

Goatseus Maximus (GOAT)

GOAT has remained on the list mainly because of the AI+ meme coin narrative, which seems to be the frontrunner. But it is one of the top trending cryptos today for entirely another reason.

Specifically, Binance listed GOAT on the futures market yesterday, October 24, sending the altcoin’s price to a new all-time high.  However, GOAT’s price has decreased by 24% in the last 24 hours, suggesting that the meme coin holders have begun to book profits.

After the Binance announcement, the cryptocurrency’s value jumped to $0.88. As of this writing, it has dropped to $0.65. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) has dropped to the negative region.

The MACD is a technical oscillator used to detect trends. When the reading is positive, the momentum is bullish. On the other hand, a negative reading indicates a bearish movement. 

Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies

Should the MACD remain in the negative region, GOAT’s price might drop to $0.58. However, if investors decide to buy the dip in large volumes, GOAT’s price might jump to $0.90.

Notcoin (NOT)

Telegram-native Notcoin is the new entry among today’s top trending cryptocurrencies. Similar to how Toncoin featured on the list yesterday, NOT is gaining traction due to its association with Telegram, as users eagerly await the launch of additional airdrops.

However, Notcoin’s price is down 74% from its all-time high, indicating that buying pressure around it has decreased. On the daily chart, Notcoin has formed a head and shoulders pattern and has dropped below the neckline.

This indicates that the downtrend could extend. Considering this position, NOT’s price could drop to $0.0071. On the flip side, if bulls push the altcoin above the neckline at $0.0077, then the price might rebound. In that scenario, Notcoin could move to $0.010 or as high as $0.012.

Scroll (SCR)

This is the second time Scroll has appeared on the list of trending altcoins since its launch earlier this week. According to BeIncrypto’s findings, the project’s launch, which generated some controversy, is still the reason it is one of the top trending cryptos.

SCR launched at $1.45. However, as of this writing, it has fallen to $0.85, reflecting a loss of approximately 40% in value since its introduction. An analysis of the 1-hour chart reveals that the Awesome Oscillator (AO) has dipped into the negative region.

Read more: Top 9 Safest Crypto Exchanges in 2024

This suggests that momentum around SCR remains bearish, indicating that the price may drop below $0.85 in the short term. Conversely, Scroll’s price could reverse this trend if broader market conditions improve or if an altcoin season emerges.

Ethereum price extended losses and tested the $2,450 support zone. ETH is recovering losses and struggling to gain pace for a move above the $2,550 level.

• Ethereum started a recovery wave from the $2,450 zone.
• The price is trading below $2,560 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,580 and $2,600 resistance levels.

Ethereum Price Starts Recovery

Ethereum price extended its decline below the $2,550 level like Bitcoin. ETH traded as low as $2,445 and recently started an upside correction.

There was a minor increase above the $2,500 level. The price traded above the 23.6% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low. There was also a break above a key bearish trend line with resistance at $2,540 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,560 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,560 level.

The first major resistance is near the $2,580 level and the 100-hourly Simple Moving Average. The main resistance is now forming near $2,600. It is close to the 50% Fib retracement level of the downward wave from the $2,760 swing high to the $2,445 low.

A clear move above the $2,600 resistance might send the price toward the $2,650 resistance. An upside break above the $2,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $2,560 resistance, it could start another decline. Initial support on the downside is near the $2,505 level. The first major support sits near the $2,485 zone.

A clear move below the $2,485 support might push the price toward $2,450. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,340.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,500

Major Resistance Level – $2,580