Popular meme token Dogecoin is now moving towards a new development. The token has recently formed a new macro-uptrend, denoting signs of bullish momentum for the token to encounter in the near future.
Dogecoin’s recent price changes have been dubbed mellow as compared to other crypto contemporaries in the space. Per CoinMarketcap, Doge is up 12% in the last seven days, showing signs of a bullish uptrend, and is currently trading at $0.1626 at press time.
Also Read: Dogecoin (DOGE) Forecasted To Reach 150 Rupees in India
Dogecoin Forms Macro Uptrend: Bullish Month Ahead?
Per Rekt Capital, a notable crypto analyst, Dogecoin has recently ended its macro downtrend phase. The token has now entered into a macro uptrend phase, denoting signs of bullish momentum.
As per the analyst, Dogecoin has “flipped” its year-long resistance, turning into a new support to bank on.
The chart uploaded by Rekt Capital outlined Dogecoin’s rally to $0.20626 and dropping to $0.12650 before rebounding. Per CMC, the token is currently up by 1% and trading at $0.1625 at press time.
Additionally, the token has also surpassed XRP and ADA in six-month wallet growth metrics, signaling increased user interest and speculation in Doge’s future price trajectory and ascent.
Dogecoin May Forecast
Dogecoin’s impressive price trajectory has compelled investors to keenly explore the token’s future price ascent. Per Coinpedia, Dogecoin may document a potential price surge to $0.18 with the possibility of a decline to $0.13 in the latest assessment.
“The daily RSI falls below the oversold zone, indicating heightened supply pressure, while the MACD and signal lines trend negatively. Should DOGE dip below $0.13, sellers may target the declining support trendline at $0.11 or the psychological support at $0.10. However, a bullish reversal could potentially propel DOGE towards the $0.18 mark.”
Per CoinCodex, Doge may encounter a few skirmishes before ascending to a potential price high by May 2024.
“The Dogecoin price forecast for the next 30 days is a projection based on the positive/negative trends in the past 30 days. Based on these Dogecoin projections, DOGE will be changing hands at $ 0.160389 on May 13, 2024, losing -1.11% in the process.”