Dogecoin (DOGE), the largest meme coin by market value, has been facing significant price challenges following the recent Bitcoin (BTC) drop. Despite its popularity and historical data suggesting a potential reversal, DOGE's price has struggled to recover, leaving investors wondering what's next for the beloved altcoin.

According to historical data, an MVRV ratio between -8% and -20% has triggered reversals in the past, and with DOGE's 30-day MVRV currently at -13%, this could be a sign of an impending buying pressure. However, the current market sentiment remains bearish, and DOGE's price needs to reclaim key support levels to start a recovery.

At the time of writing, DOGE was lingering around $0.124, with a key support level at $0.128. If DOGE can reclaim this support, a potential target of $0.142 and then $0.151 could be on the horizon. However, if the support level cannot be reclaimed, a test of $0.116 and consolidation around this area is expected, with a potential deeper dip to $0.08 if BTC experiences a sharp sell-off.

Despite the challenges, DOGE still holds hope, with a high adoption rate of 27% and long-term support from Elon Musk. The recent attempt to revive the GME front this month was an opportunity, but the BTC drop did not allow it. Investors are not overly pessimistic, and the popular altcoin still has a chance to recover.

In conclusion, Dogecoin faces an uphill battle, but historical data and market predictions suggest a potential reversal is on the horizon. If DOGE can reclaim key support levels and overcome the current market sentiment, a recovery could be possible. However, investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research before making any investment decisions.