Popular meme token Dogecoin is now heading towards a new development. The token has recently formed a new macro uptrend, indicating signs of bullish momentum that the token will encounter in the near future.
Dogecoin's recent price changes have been called mild compared to other crypto contemporaries in the space. Per CoinMarketcapDoge is up 12% over the past seven days and is showing signs of a bullish uptrend, currently trading at $0.1626 at the time of writing.
Also read: Dogecoin (DOGE) is expected to reach Rs 150 in India
Dogecoin Forms Macro Uptrend: Bullish Month Ahead?
According to Rekt Capital, a notable crypto analyst, Dogecoin recently ended its macro downtrend phase. The token has now entered a macro uptrend phase, indicating signs of bullish momentum.
According to the analyst, Dogecoin has “turned around” its years of resistance and turned into a new support to rely on.
The chart uploaded by Rekt Capital depicted Dogecoin's rally to $0.20626 and falling to $0.12650 before recovering. Per CMC, the token is currently up 1% and is trading at $0.1625 at the time of writing.
Furthermore, the token has also surpassed XRP and ADA in the six-month portfolio growth metrics, indicating increased user interest and speculation in Doge's future price trajectory and rise.
Dogecoin May Prediction
Dogecoin's impressive price trajectory has prompted investors to keenly examine the token's future price appreciation. Per CoinpediaDogecoin could document a potential price increase to $0.18, with the possibility of a decline to $0.13 according to the latest estimate.
“The daily RSI falls below the oversold zone, indicating increased supply pressure, while the MACD and signal lines trend negatively. Should DOGE fall below $0.13, sellers can target the descending support trendline at $0.11 or the psychological support at $0.10. However, a bullish reversal could potentially push DOGE towards the $0.18 mark.”
Per CoinCodexDoge may encounter a few skirmishes before rising to a potential price level in May 2024.
“The Dogecoin price forecast for the next 30 days is a projection based on the positive/negative trends of the past 30 days. Based on these Dogecoin projections, DOGE will change hands on May 13, 2024 at $0.160389, losing -1.11%.”