The popular meme token Dogecoin is currently moving towards new developments. The token has recently formed a new macro uptrend, showing signs of bullish momentum for the token in the near future.
Dogecoin’s recent price movements are said to be moderate compared to other contemporary cryptocurrencies in the space.around Coin market capitalizationDoge is up 12% over the past seven days, showing signs of a bullish uptrend, and is currently trading at $0.1626 at the time of writing.
Also read: Dogecoin (DOGE) predicted to reach Rs 150 in India
Dogecoin forms a macro uptrend: Is it bullish last month?
According to Rekt Capital, a prominent cryptocurrency analyst, Dogecoin recently ended its macro downtrend phase. The token is currently in a macro uptrend phase and is showing signs of bullish momentum.
Dogecoin has “reversed” a year-long resistance line and turned into new support, according to analysts.
A chart uploaded by Rekt Capital shows Dogecoin rising to $0.20626 and then falling to $0.12650 before rebounding. According to CMC, the token is currently up 1% and is trading at $0.1625 at the time of writing.
Additionally, the token also outperformed XRP and ADA on the 6-month wallet growth metric, indicating growing user interest and speculation about Doge’s future price trajectory and appreciation.
Dogecoin May Prediction
Dogecoin’s impressive price movement has led investors to eagerly explore future price increases for the token.around coinpediaDogecoin could record a potential spike in price to $0.18, although the latest valuation shows it could drop as low as $0.13.
“The daily RSI is below the oversold zone, indicating increasing supply pressure, while the MACD and signal line are trending negative. If DOGE falls below $0.13, sellers will find support on the downside at $0.11 It could target the trend line or psychological support at $0.10. However, a bullish reversal could push DOGE towards the $0.18 level.
around coin codexDoge may encounter a few skirmishes before rising to potential highs by May 2024.
“Dogecoin price predictions for the next 30 days are predictions based on the positive/negative trends of the past 30 days. Based on these Dogecoin predictions, DOGE will change trade at $0.160389 on May 13, 2024. , you will lose -1.11% in the process.”
