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.

Cryptocurrency prices are doing well this year, with most of them outperforming traditional assets like the S&P 500, Nasdaq 100, and the Dow Jones. These indices have all jumped by over 15%, while Bitcoin has risen by almost 60%, and is hovering near its all-time high.

MEW and Popcat tokens are soaring

Cat in a dogs world (MEW) and Popcat (POPCAT) have soared by over 1,000% this year, giving them a market cap of over $1 billion. Analysts believe that these tokens have more upside in the coming months because of their deep liquidity, fear of missing out (FOMO), and their substantial volumes in the spot and futures market.

MEW and Popcat also have positive technicals, with the two of them rising above their short-term and medium-term moving averages. On top of this, there are signs that Bitcoin may be about to have a bullish breakout, which could see it jump to a record high. 

It has remained below the key resistance level at $70,000 this week, meaning that it only needs one catalyst to have this breakout. Many experts believe that this rally is possible. For example, analysts at Bernstein have predicted that it will rise above $200,000 in 2025. John Paulson, a billionaire investor, has also expressed optimism in Bitcoin.

A strong Bitcoin breakout would be a positive thing for meme coins like Cat in a dogs world and Popcat. Historically, as we saw earlier this year, meme coins do better than Bitcoin when it makes a bullish breakout.

Vantard may be the next big thing

Crypto analysts and investors are now betting on Vantard, an upcoming meme coin inspired by the success of Vanguard, the second-biggest asset manager in the world with over $7 trillion in assets under management. 

Vantard started its pre-sale event this week and has raised $163,000 from global investors in its first stage. The initial price was $0.00010, and will increase across the ten stages, with the next price being $0.00011, a 10% increase.

According to its white paper, 75% of the dedicated treasury funds will be allocated to fundraising. 5 billion tokens went to the pre-seed round, while the ongoing seed fund will have a limit of 40 billion tokens, equivalent to 55.56% of the total. The other 40 billion tokens will go to series A and series B. 

Vantard’s key to success is what it calls the first-ever Meme Index Fund (MIF), which aims to give investors access to the best-performing meme coins in a single asset. 

The fund will be fully decentralized, with its profits being distributed to holders through the $VTARD token. This fund is inspired by popular Vanguard exchange-traded funds (ETF) like the one tracking the S&P 500 index, which has added over $60 billion in assets this year. 

Vatard’s MIF fund will also have a surge pricing model, where investors will pay a 0% fee during periods of low activity and up to 50% during high-peak demand periods. The goal of this fee is to discourage mass redemptions.

The other top benefit is that it will give investors access to the best meme coins in the industry. As such, instead of buying tens tokens hoping to catch the next big thing, an investor in the fund will have access to the best of them. You can learn more about Vantard here.