Data<\/a> from the market intelligence platform Santiment shows that Dogecoin\u2019s 30-day MVRV ratio is around -15%, meaning many Dogecoin holders are currently at a loss. This negative MVRV ratio also signals a bottom for the meme coin, which usually ushers in a period of accumulation since the crypto token is currently undervalued.\u00a0<\/p>\n Related Reading: Cardano Roars Back To Life As ADA Whales Move $13.84 Billion<\/p>\n Besides new investors, Dogecoin\u2019s current holders are also expected to use this opportunity to accumulate more of the meme coin in a bid to break even in their positions. This already looks to be happening, as data<\/a> from IntoTheBlock shows a notable increase in the token supply held by long-term holders (more than a year).<\/p>\n Crypto investors buying up the Dogecoin dip can add significant buying pressure to the crypto token, which could spark a price recovery amidst this market downtrend. Moreover, on-chain data shows that Dogecoin whales are also accumulating during this period. Specifically, 150,000,000 DOGE were transferred<\/a> from the crypto trading platform Robinhood to an unknown wallet, while another 76,316,694 DOGE were transferred<\/a> from Robinhood to that wallet.\u00a0<\/p>\n These whales have a massive influence on the market, and their buys could positively impact DOGE’s price. Meanwhile, it is also worth noting that this price recovery looks imminent for DOGE, considering that recovery has historically always occurred around this MVRV range.\u00a0<\/p>\n Crypto analyst Kevin (formerly OG Yomi) recently stated<\/a> that Dogecoin is currently at a \u201cmajor support zone, one which he believes that the meme coin shouldn\u2019t lose if the crypto market is indeed in a \u201creal bull market.\u201d The analyst mentioned in an earlier X (formerly Twitter) post<\/a> that Dogecoin needs to hold above this level to remain bullish.\u00a0\u00a0<\/p>\n <\/p>\n However, Dogecoin risks dropping below that level, especially with the current market-wide downtrend with Bitcoin leading the charge. Moreover, Fed Chair Jerome Powell is set to announce the rate decision on May 1, which could cause DOGE and other crypto tokens to decline further if they decide to take a hawkish stance and increase interest rates.\u00a0<\/p>\n Related Reading: Shiba Inu Sees 144% Spike In Major Metric, But Why Is Price Down?<\/p>\n<\/span>What DOGE Chart Is Saying<\/span><\/h2>\n