Dogecoin Price Analysis & Prediction (May 3rd) –Doge’s Short-Term Bearish Nears an Exhaustion Point, Down 4% Monthly

2023-5-4 08:32

Dogecoin closed last month trading indecisively and attempted to resume bearish this month. However, it has bounced a bit from yesterday’s drop due to the latest price recovery.

Last week saw Dogecoin through a consolidation phase after experiencing a steady breakdown in late April. During that phase, the leading meme coin witnessed a spike and a lot of positions were wiped with a fake-out. 

It started this week on a bearish note and expanded volatility slightly below the consolidation phase yesterday. But the emerging positive actions across the market seem to have halted the price from dipping further. 

The ongoing recovery is mild, not strong enough to outweigh the existing bearish supply. Doge may encounter resistance around the previous consolidated area of $0.08 as a retest. A rejection at this price level could trigger a continuation of the existing bearish trend. 

However, if Doge conquers the mentioned price level as a result of a huge rise in the demand level, we can expect a bullish advancement towards the crucial $0.1 psychological level. 

Having said that, the price looks weak on the daily chart despite gaining 1% on a daily. It may continue to lose momentum in the coming days if the bulls fail to react strongly to recurring sell actions.

DOGE’s Key Level To Watch Source: Tradingview

Doge’s price is almost reaching an exhaustion point from the short-term perspective. In case of further decline, the support levels to watch out for are $0.072, $0.067 and $0.063. 

On the other hand, the previous breakdown levels are now regarded as resistance. The resistance levels to watch are $0.085, $0.0897 and $0.095. A strong recovery above $0.1 should bring the price to a test of the $0.1 and $0.1 resistance levels.

Key Resistance Levels: $0.085, $0.0897, $0.095

Key Support Levels: $0.0727, $0.067, $0.063

Spot Price: $0.078 Trend: Bearish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: winst2014/123RF // Image Effects by Colorcinch

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