Market Analysis

DOGECOIN PRICE ANALYSIS & PREDICTION (May 5) – Doge Regains Strength After Weeks Of Decline, Are The Bulls Back?

Dogecoin went up 15% today following the latest recovery across the crypto space. It saw a rejection a few hours ago but is still looking strong on the daily scale. An increase above March’s high could bring the bulls back in control.

In the ongoing surge in volatility, Dogecoin increased by roughly 20% in four days to reach a three-week high and remained strong on the day despite witnessing a sharp rejection in the past hours. 

Following the steady price growth in the past days, it is staging another uptrend on the 4-hour chart. Increasing above last month’s high could bring more recoveries as a shift in trend is imminent. 

But for now, Doge is still considered bearish from a short-term perspective. Looking back from where it started to drop in March, the latest surge looks more like a retracement – it is too early to consider that as a bullish move 

However, the $0.12 level has bolstered as weekly support. A drop below it could trigger more dips in the near term, leading to another pain in the market. However, such a setup doesn’t look realistic at the moment.

While the leading meme coin remains poised for a bigger price movement on the weekly scale, the bearish correction looks suspended amid the latest buyoff. Interestingly, the much-anticipated bullish rally seems to be lurking around.

DOGE’s Key Level To Watch

Source: Tradingview

Now that Doge has faced rejection at the $0.17 level today, we may need to consider higher resistance levels for further buying. If the bulls reiterate actions in the future, the $0.19 and $0.21 levels would be the next resistance to keep in mind. 

The price may retrace to the $0.14 level. Losing the mentioned weekly support as a result of selling pressure would confirm more swings low to $0.11 and potentially $0.0916 in the near term.

Key Resistance Levels: $0.167, $0.19, $0.21

Key Support Levels: $0.14, $0.12, $0.11

  • Spot Price: $0.161
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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