Will Dogecoin (DOGE) Surge in May 2025? Here’s What Analysts Say!
Jakarta, Pintu News – Dogecoin has recently shown strong bullish signals after successfully recovering from critical support. With the momentum continuing to increase, many are wondering if this is the beginning of the big rally they’ve been waiting for.
Dogecoin Price Recovery
After reaching the support point at $0.1650, the price of Dogecoin (DOGE) started showing an impressive recovery. The coin managed to break through the $0.170 resistance zone and continued its rise past the 50% Fibonacci retracement level of the previous decline that started from $0.1843 to $0.1642.
Currently, Dogecoin (DOGE) is trading above $0.1750 and the 100-hour simple moving average. With a bullish trend line forming on the hourly chart, Dogecoin (DOGE) seems set to test further resistance. Immediate resistance is near $0.1780, followed by key resistance at $0.1790 which is also the 76.4% Fibonacci retracement level.
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Further Upside Potential
If Dogecoin (DOGE) manages to break the $0.1790 resistance, this could open the way towards $0.1840. A close above this level would probably push the price towards $0.1880, and possibly reach $0.1920. If the bullish momentum continues, it is possible that Dogecoin (DOGE) will reach $0.200 in the near future. Technical indicators support this optimistic view, with the hourly MACD showing bullish momentum and the RSI (Relative Strength Index) being above the 50 level, signaling that buyers have control over the market at the moment.
Possible Downgrade
However, if Dogecoin (DOGE) fails to break $0.1790, there is a possibility that the price will decline again. Initial support lies at $0.1740, followed by major support at $0.1720. If the price falls below the critical support at $0.1650, Dogecoin (DOGE) may drop further towards $0.1550 or even $0.1450. It is important to monitor these support levels as a break below could signal a larger trend change and a potential further decline in the short term.
Conclusion
With favorable technical indicators and a currently bullish price trend, Dogecoin (DOGE) appears to be gearing up for its next phase of growth. However, investors and traders should remain wary of potential sudden changes in direction. Keeping an eye on key resistance and support levels will be crucial in determining the next direction of the Dogecoin (DOGE) market.
Also Read: Robert Kiyosaki Highlights Potential Market Crisis, Calls Bitcoin (BTC) Superior to Gold
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- NewsBTC. Dogecoin (DOGE) Showing Bullish Signals, Can It Reach $0.180? Accessed on May 8, 2025
- Featured Image: Generated by AI
