Despite hitting $0.072 on Tuesday, Dogecoin (DOGE) price has fallen to $0.065, primarily due to negative media sentiment regarding the SEC lawsuit against major exchanges. With media mentions of DOGE dwindling, the question is whether this is the right time for strategic investors to see this as a turning point for a larger Dogecoin price rebound. 

The world’s most extensive memecoin by market capitalization is still standing strong, thanks to long-term loyalists of the Dogecoin community who have shown that despite recent events, they remain unfazed.

Will investors buy the dip and stage another DOGE price rebound mission? Read on to find out more.

Santiment’s Social Volume metric has observed negative media buzz surrounding Dogecoin since Monday, June 5. The metric tracks market sentiment by monitoring the number of times a project is mentioned across Twitter and other relevant crypto-media channels. 

The dramatic drop in DOGE Social Volume by 72% from 8219 to 2308 mentions between June 5 and June 9, indicates that stakeholders are presently neglecting the asset. This trend suggests a buying opportunity for strategic investors to swoop in when the market sentiment hits a new low.

The rise in DOGE Mean Coin Age by 5% from 54,317 to 57,219 between June 1 and June 9 has shown that most DOGE holders who sold their coins were short-term traders. This data indicates that most DOGE investors have strong hands and remain confident despite the recent events.

When Mean Coin Age increases during a price retracement, it suggests growing confidence among long-term holders. With almost 70% of the total DOGE in circulation held by long-term investors who have held for more than a year, it is reasonable to assume they would not sell their holdings now. Instead, they are likely to buy the dip, and that could propel a DOGE price rebound.

DOGE Price Prediction: Possible Rebound to $0.08

Most crypto investors who bought DOGE within the past month are now looking at unrealized losses of 5.7%. Based on data from Santiment’s Market-Value to Realized-Value (MVRV), DOGE price will likely rebound towards $0.08. DOGE could rise to 72% before facing significant resistance when the majority of holders break even. ​

If DOGE garners enough bullish momentum to scale that resistance, the rebound could continue towards $0.08. On the other hand, the bears could negate the bullish narrative if the DOGE price unexpectedly drops below $0.065. In this case, many investors would offer bullish support at this level to avoid assuming 10% losses. In the meantime, DOGE could fall towards the next significant support level at $0.06.