As the overall cryptocurrency market looks for a bullish recovery after a long slump, most Dogecoin portfolios are seeing gains for the first time in a while. The price of DOGE is slowly rising and has just reached the $0.16 mark, also reaching a high of $0.17 on Monday. The coin hasn't seen levels above $0.20 in almost a month, but recent indicators show that its value may be on the rise again.
Despite the slump, Dogecoin remains the leading meme currency with a market capitalization of $22.43 billion. As a leader, DOGE was one of the biggest decliners in the meme market, so in a surge it could be one of the biggest gainers, alongside BONK and PEPE. The last two meme coins are the only ones out of the top seven that have remained in the green during this bearish period.
Dogecoins 16.55% Last week's rise is a strong indicator that the asset could be leading the way for a meme-coin bull run in May. The biggest question surrounding the coin now is not whether it will recover, because it currently does. Instead, holders are curious to see how long DOGE can maintain this current momentum.
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Expectations from the Dogecoin community are high as always and it is optimistic to see DOGE continue to rise in the short term. The peak is in question, with some analysts seeing DOGE hitting $0.50 soon. However, to achieve such performance, the coin will need to exhibit consistent fundamentals and high volatility to break certain resistance barriers. Reaching above $0.20 is the next step for DOGE, and if that happens, the rest of May will be very bullish for Dogecoin.