Dogecoin (DOGE) recently surged to a three-year high of $0.43 on November 12 before retreating to $0.38, maintaining a 3% daily increase.

However, on-chain data shows that the price spike has led many long-term holders (LTHs) to take profits. If this trend persists, DOGE risks losing much of its recent gains in the short term.

Dogecoin’s LTHs Sell For Profit

BeInCrypto’s assessment of Dogecoin’s on-chain performance has revealed a decline in its Mean Coin Age over the past week. Per Santiment, this has dropped by 1% over the past seven days. 

Mean coin age refers to the average age of the coins in circulation. It gives insight into how long their owners have held coins before being moved or sold. When this metric falls, it means coins that have been held for a long time are being moved or traded more frequently. It is often a bearish sign that indicates that LTHs could be cashing out their profit.

Moreover, the positive readings from DOGE’s market value to realized value (MVRV) ratio suggest that the meme coin is currently overvalued. This may have prompted its LTHs to want to sell for profit. According to Santiment’s data, DOGE’s current MVRV ratio is 232.36%. 

The MRVR ratio is a key metric used to analyze a cryptocurrency’s valuation relative to its historical price trends. It compares the market value (the current price of all coins in circulation) to the realized value (the price at which coins last moved on the blockchain).

A positive MRVR ratio suggests that the market value is greater than the realized value. This indicates that the asset is overvalued. Historically, many view this as a signal to sell their holdings for profit.

At 236.36%, DOGE’s MVRV ratio suggests that its current market value is 236% higher than its realized value. Therefore, if all its holders were to sell, they would realize 236%  gains on average. Such a high MVRV hints at a prolonged period of price correction as more investors take profits.  

DOGE Price Prediction: Why LTHs Must Stop Selling

Currently trading at $0.38, DOGE sits just below the $0.39 resistance level. Increased selling pressure could push the price down to its support at $0.31.

A failure to hold this level may trigger a sharper decline, pushing DOGE below the $0.30 mark and potentially toward $0.21. Such a move would further distance the DOGE meme coin price from any rally beyond $0.47 and a return to $0.50, last seen in May 2021.

However, if market sentiment turns positive and long-term holders (LTHs) hold their positions, increased demand for DOGE could drive its price past $0.47, bringing the $0.50 price zone back into reach.

GOAT, once dominating the meme coin market, has faced significant challenges with the emergence of Peanut the Squirrel (PNUT). 

The sudden rise of PNUT has disrupted GOAT’s market position, causing the meme coin to lose its demand. Despite the downturn, GOAT investors remain optimistic about its potential recovery.

A Squirrel Defeats GOAT

The social dominance of GOAT has shifted significantly since October, largely due to PNUT’s arrival. For most of October, GOAT commanded market attention, benefiting from strong investor interest and widespread hype. However, PNUT’s late-month debut captured the spotlight, pushing GOAT out of the top trending tokens.

Currently, PNUT stands as the more popular asset among investors, evidenced by its rising mentions and active participation in social channels. This surge in attention has directly impacted GOAT, whose declining engagement metrics suggest a loss in momentum. The competition between these meme coins is reshaping the market conditions.

Despite the decline, GOAT’s funding rate remains in positive territory, signaling ongoing confidence among traders. Many are placing long contracts, betting on a potential price recovery. This optimism reflects a belief that GOAT still has room to regain its dominance in the meme coin sector.

However, the price drop has introduced uncertainty among investors, with concerns about GOAT’s ability to sustain its market position. The funding rate’s positive stance is encouraging but will require strong market cues to translate into meaningful price gains. Traders are closely watching for signs of a potential reversal.

GOAT Price Prediction: Drawdown Ahead

GOAT’s price has fallen by 25% in the last 24 hours, dropping from an all-time high of $1.36 to $1.01. With the asset nearing the critical $1.00 mark, further declines are likely if bearish momentum continues.

The critical support level sits at $0.72, and a drop to this point would signal more significant losses for investors. Losing this support could exacerbate the bearish outlook, creating challenges for a swift recovery.

Alternatively, if GOAT rebounds from $0.72, the meme coin could make a bid to breach previous highs and form a new ATH. This would invalidate the bearish thesis and re-establish GOAT as a top contender in the meme coin space.

XTZ, the native coin of blockchain network Tezos, has emerged as the top-performing cryptocurrency over the past 24 hours. Its value has surged by 38% to trade at a seven-month high of $1.13 as of this writing.

However, the price increase has triggered growing selling pressure, indicating a potential pullback ahead.

Tezos’ Traders Scamper for Gains

XTZ’s price has climbed by 38% over the past 24 hours and currently ranks as the market’s top gainer. This surge follows the announcement that the staking platform Everstake will support cryptocurrency.

The rally is further fueled by a recent Q3 2024 report from analytics platform Messari. The report highlights strong growth signals for Tezos, including increased transaction volume, more decentralized applications, a rise in upgrade proposals, and a growing active validator count.

However, the recent price jump has prompted many XTZ holders to seek profit, as evidenced by the spike in the coin’s exchange inflow. Per Coinglass, as of Tuesday, XTZ’s exchange inflow is $2.22 million, its highest since the beginning of the year.

When an asset’s exchange inflow spikes, a significant amount of that asset is transferred onto exchanges for sale from wallets or other platforms. This can put downward pressure on XTZ’s price, causing it to shed its recent gains.

Additionally, the overbought readings from the coin’s Relative Strength Index (RSI) confirm the likelihood of a price correction in the short term. At press time, XTZ’s RSI is 74.26. 

The RSI indicator measures an asset’s oversold and overbought market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for correction. On the other hand, values below 30 indicate that the asset is oversold and may witness a rebound.

Therefore, XTZ’s RSI of 74.26 suggests it has experienced strong upward momentum and may be due for a correction or pullback. It indicates that the coin’s price has risen too quickly, and there might be an increased risk of a price reversal.

XTZ Price Prediction: Coin May Drop Below $1

XTZ is currently trading at $1.13, holding above the $1.07 support level. If buying momentum weakens, the price may drop to this key support. A failure to maintain $1.07 could push XTZ below $1, potentially falling to $0.97 — a 14% decline from its current value.

If the uptrend continues, XTZ could break past the $1.19 resistance and advance toward $1.40, signaling further bullish momentum.