Over the past 30 days, the memecoin market has displayed a massive comeback. Notably, the Meme segment has added 17.42% in its valuation to $56.16 billion from $47.66 billion. With this, top meme coins have added notable value to their respective portfolios.
Reportedly, the Dogecoin price today is exchanging hands at $0.17659 with an intraday trading volume of $917.05 million, a massive drop of 30.86%. However, this memecoin has surged 6.89% this month, highlighting an increase in the bullish sentiment for the altcoin in the longer time frame.
Moreover, the rule change in filing to list 21Shares Dogecoin ETF by NASDAQ could play a crucial role in the price action of this altcoin during the upcoming month.
With its next major test zone around the $0.20 mark, will Dogecoin price maintain its bullish stance and lead the memecoin market toward a major bullish cycle. In this article, we bring you the monthly DOGE price prediction.
DOGE Memecoin Records Increased Volatility!
After experiencing a nose dip this year, the market dominance of Dogecoin memecoin has stabilized for the first time. Notably, this memecoin has witnessed a sideways trend with a minor variation during the entire month of April, highlighting a decline in the bearish force.
On the other hand, the Open interest of this project has increased from 973.13 million to 1.53 billion, a jump of 57.22% in just 29 days. This suggests a massive rise in the accumulation phase for the largest Ethereum-based memecoin in the crypto market.
Open interest (OI) is a vital metric in the world of cryptocurrencies as it provides crucial insights into the market’s liquidity and sentiment. Ideally, it highlights the total number of outstanding contracts that have not been settled or closed at the time of analysing.
Dogecoin Price Analysis
As the crypto market stabilizes, the DOGE crypto price displays a neutral price action over the past week. This highlights a cool-off in the buying and selling pressure for the largest memecoin. Notably, this memecoin is on the path of forming a strong bullish trajectory with a strong support around the $0.15 mark, suggesting a positive outlook.
The EMA 50-day acts as a vital support to the Dogecoin price chart around the $0.1790 mark. On the other hand, the EMA 200-day displays a potential retest around the $0.22 range in the daily time frame. This suggests a mixed price action for the largest meme coin in the market.
Furthermore, the RSI indicator continues hovering above the neutral point in the daily time frame. With its average trendline constantly acting as a support, this meme coin may continue gaining momentum in the upcoming period.
Will DOGE Price Ever Rise Back Up?
If the odds favor the bulls, in that case, the Doge coin price could prepare to retest its immediate resistance level of $0.20. Maintaining the value above that level could result in it pushing its price toward the upper resistance level of $0.25 during May.
Conversely, a bearish pullback may result in it dropping toward its $0.15 mark. Reportedly, if the bulls fail to regain momentum at that point, the DOGE memecoin could plunge toward its crucial support level of $0.125 in the coming time.
Also Read: Bitcoin Price Prediction For May 2025: BTC To Hit $100k?
