The Crypto Assets market is striving to recover from last week's dramatic Fluctuation, while the price of DOGE continues to decline. In contrast, Bitcoin (BTC) has shown a specific pattern since May 23rd: there is a noticeable fall every Thursday or Friday, followed by a gradual recovery over the weekend, leading to a stronger Rebound by Monday. This similar pattern for three consecutive weeks has led the market to expect that Monday might continue this trend, bringing a Rebound opportunity for DOGE. However, based on the current actual trend, DOGE still maintains a bearish stance.

From the daily chart analysis, the market structure of DOGE clearly leans bearish, with the price having fallen below the 78.6% Fibonacci retracement level based on the rebound in early May. Currently, $0.17 as a local low area has attracted a lot of liquidity, and the price is likely to touch this level again and generate a technical rebound. Although on-chain indicators show some buying opportunities, the continuous downward trend of the volume balance indicator (OBV) indicates that selling pressure still dominates the market.

Network Value to Transaction Signal ( NVTS ) is an optimized version of the NVT ratio, evaluating the network utility value of crypto assets by comparing market capitalization with the 90-day moving average trading volume. The current NVTS indicator is below the levels of May-June 2024, which may indicate that DOGE is in a relatively undervalued state, providing potential entry opportunities for investors.

It is worth noting that since early June, the net position change of the exchange has turned negative, indicating that DOGE is flowing out of the exchanges, and the tradable supply is decreasing, which is usually seen as a sign of investors increasing their holdings. However, a similar situation occurred in January this year, but the price of DOGE continued to fall for the next three months, suggesting that a negative net position does not necessarily indicate a price rebound.

Considering the current complex market environment, investors are advised to adopt a wait-and-see attitude, and it is expected that DOGE may retest key support levels in the short term.