In this Dogecoin price prediction article, we will analyze the behavior of DOGE’s price in the last month and will show you some of the most reliable predictions for May 2021. Dogecoin currently ranks #4 on Coinmarketcap and has a market cap of $78,914,306,221. It has a circulating supply of 129.50B DOGE out of the total supply of 129,503,221,028. Trading volume in the last 24 hours is $21,768,805,439.
Dogecoin Price Prediction: Analysis
Dogecoin has taken a small break from the April pump that took it to $0.414897 on 20 April. The price dropped to $0.204245, the lowest since the pump started on 15 April. A recovery started almost immediately, and the price has risen steadily although slowly, reaching a value of $0.387275.
The price rise seems to be still on course, with the 20 MA serving as support which the price remains well above. There is a bullish tendency both in the short and long term, as there is no sign of trend reversal looking at the 50 and 100 MA.
The RSI currently stands at 67, which is quite high, but it still has room for some growth. It is possible for the price to rise much higher as it did last time to 96 before a trend reversal to the downside. This is possible because the market is in a generally bullish trend, which allows for the RSI to go much higher than the traditional 70 and for the price to bounce off before the RSI reaches the low 30.
The following are key support and resistance levels to keep in mind for traders as calculated by Walletinvestor:
- Resistance Level (R3): 0.430;
- Resistance Level (R2): 0.415;
- Resistance Level (R1): 0.395;
- Pivot Point: 0.380;
- Support Level (S1): 0.361;
- Support Level (S2): 0.346;
- Support Level (S3): 0.326.
Elon Musk, the Dogecoin supporter and CEO of Tesla, will host Saturday Night Live (SNL) this week. As a result, many are asking what this event may have on the price of Dogecoin. As Musk is considered to be the “father” of DOGE at this time, chances are he will speak about the asset during the show, a situation that could significantly impact sentiments around it.
This could potentially drive the price up in the coming weeks. Already, the price is on the path of recovery, which could be consolidated upon with Musk’s upcoming show. Moreover, Dogecoin now has support from another billionaire, Mark Cuban. He recently allowed fans to buy tickets using DOGE.
Dogecoin Price Prediction: Market Opinions
The following are market opinions on Dogecoin price prediction from top forecast websites. Though not accurate, they should give you an idea of the general sentiment on the performance of the asset in May.
Digitalcoinprice has a bullish sentiment for Dogecoin. They expect DOGE to increase by 46.68% in May. According to their Dogecoin price prediction, the asset will reach an average price of $0.56363896 within the month.
Longforecast also expects the price of Dogecoin to go higher. Their prediction for May is that the price will reach up to $0.76. The minimum expected price is $0.33, while the closing price is $0.71.
According to the Dogecoin price prediction on this website, the price of DOGE will reach a maximum of $1.493 in May. The lowest expected price is $0.763 and the closing price for the month is $1.111.
Walletinvestor’s Dogecoin price prediction suggests that the price of the asset will surge to higher levels. They said that DOGE may reach a maximum of $0.890 in the first 19 days of May. The lowest possible price expected is $0.489 within this period of time.
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Dogecoin Price Prediction: Verdict
Dogecoin seems to have a bright future in the month of May. Looking at the current price performance of the asset and the technical indicators, it has a tendency to get to higher levels. This is also suggested by the price predictions from the top websites as seen above. However, the price may also be getting ready to reverse, and so caution should be exercised. You should do your own research before making any investment decision on the asset.