Dogecoin, the largest meme coin by market value, has experienced a significant price drop following the recent decline of Bitcoin. Despite efforts to revive its value, DOGE has struggled to gain momentum. However, historical data suggests that the current price level may be an attractive buying opportunity.

According to the 30-day MVRV ratio, Dogecoin's value has reached a point that could trigger buying pressure. Historical data shows that an MVRV ratio between -8% and -20% often triggers reversals, indicating a potential recovery for DOGE. The current price level of $0.124 is close to the key support level of $0.128, which must be reclaimed to start a recovery.

If DOGE surpasses $0.128, the next target price is $0.142, followed by $0.151. However, failure to reclaim the support level may result in a further decline to $0.116 or even $0.08 in extreme cases. Despite the current challenges, Dogecoin's high adoption rate of 27% suggests that investors remain hopeful.

In conclusion, Dogecoin's price struggles may be an opportunity for investors to buy before a potential rally. While the current market conditions are challenging, historical data suggests that the meme coin king may be due for a reversal. Only time will tell if DOGE can reclaim its key support level and start a recovery.