As the overall cryptocurrency market looks for a bullish recovery following a long slump, most Dogecoin wallets are seeing profit for the first time in a while. The price of DOGE is slowly rising and has just reached the $0.16 mark, also reaching as high as $0.17 on Monday. The coin hasn’t seen levels above $0.20 in almost a month, however, recent indicators show that the asset may be back on the rise.
Dogecoin, despite the slump, remains the top meme coin asset by market cap at $22.43B. Being the leader asset, DOGE was one of the biggest drops in the meme market, thus, in a surge it can be one of the biggest climbers, alongside BONK and PEPE. The latter two meme coins are the only ones out of the top seven that have remained in the green during this bearish period.
Dogecoin’s 16.55% rise over the last week is a strong indicator that the asset can lead the way for a meme-coin bull run this May. The biggest question surrounding the coin now isn’t if it will rebound, because its currently doing so. Instead, holders are curious about how long DOGE can maintain this current momentum.
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The Dogecoin community’s expectations are high as always, and it’s optimistic to see DOGE continue climbing in the short term. Its peak is up for debate, with some analysts seeing DOGE reach as high as $0.50 soon. However, to achieve such feats, the coin will need to show consistent fundamentals and high volatility to break certain resistance barriers. Reaching beyond $0.20 is the next step for DOGE, and if it does so, the remainder of May will be very bullish for Dogecoin.