Convergence

Rally

Elon

Dogecoin

Dogecoin Price Prediction: <a href="https://coingape.com/blog/dogecoin-price-doge-enters-major-accumulation-zone-buy-or-sell/" rel="noopener noreferrer nofollow">DOGE</a>, the largest meme cryptocurrency by market cap, has recently rebounded from the rebound from the combined support of $0.1225 and a 200-day EMA slope. The bullish turnaround propelled the coin value by 39% within four days to currently trade at $0.167. Moreover, the Meme coin sector recovery gained significant traction from the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> upswing above $62000, bolstering Dogecoin buyers to break the current correction trend for a rally above $0.2.
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-4-5-inflows-into-etfs-recovery-in-bitcoin/" rel="noopener noreferrer nofollow">Crypto Price Prediction 4/5: Record Inflows into ETFs Fuel Fresh Recovery in Bitcoin</a>
<h2 id="b-tesla-fuels-dogecoin-surge-with-new-payment-adoption-b">Tesla Fuels Dogecoin Surge with New Payment Adoption</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/q/qfAubI78.png" alt="BINANCE:DOGEUSDT Chart Image by sahilmahadik07">
The short-term trend in the <a href="https://coingape.com/price/dogecoin/" rel="noopener noreferrer nofollow">Dogecoin price</a> is bearish and can be followed through a downsloping resistance trendline in the daily chart. The dynamic resistance led the DOEG price from $0.228 to $0.12 low, registering a $47.5% loss.
However, the broader market witnessed renewed buying pressure from Bitcoin’s reversal from $56500, bolstering altcoin to form a local bottom. Thus, the DOGE price reverted with three consecutive green and reclaimed 100-day EMA slopes to reach the $0.167 mark.
<blockquote>
 The Dogecoin price surged by 15% today, likely driven by <a rel="noopener noreferrer nofollow" href="https://www.tesla.com/support/dogecoin">Tesla’s</a> acceptance of this meme cryptocurrency as a payment method for select products.
</blockquote>
If the buying momentum persists, the DOGE price could breach the overhead trendline as an early sign to project end-of-correction. The post-breakout rally could push the asset price back to $0.2 in a potential 1-2 weeks from breakout, followed by a rally to $0.228.
Also Read: <a href="https://coingape.com/elon-musk-tesla-adds-dogecoin-as-payment-method-doge-price-rally-20/" rel="noopener noreferrer nofollow">Breaking: Elon Musk’s Tesla Adds Dogecoin As Payment Method, DOGE Price Rally 20%</a>
<h2 id="b-dogecoin-activity-skyrockets-with-102-increase-in-new-addresses-b">Dogecoin Activity Skyrockets with 102% Increase in New Addresses</h2>
According to data from the cryptocurrency analytics firm IntoTheBlock, Dogecoin is experiencing a significant uptick in activity. This week, the number of new Dogecoin addresses has sharply increased. Specifically, over 28,000 new addresses were created on Thursday, marking a 102% increase from the monthly low observed on Monday.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Dogecoin activity is spiking!
 The number of new Dogecoin addresses has increased sharply this week.
 Over 28k new addresses were created yesterday, a 102% increase from the monthly low set on Monday <a href="https://t.co/SlMLxvwWAo" rel="noopener noreferrer nofollow">pic.twitter.com/SlMLxvwWAo</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1786403351812329701?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This surge in new addresses suggests growing interest and engagement with Dogecoin, potentially indicating a bullish sentiment among investors.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: With the recent upswing, the DOGE price reclaimed the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs </a>(20, 50, and 100) providing buyers with additional support to prolong the recovery trend.</li>
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and sign (orange) line highlights the recovery sentiment returning to Dogecoin.</li>
</ul>
The post <a href="https://coingape.com/markets/dogecoin-price-prediction-is-0-2-a-realistic-target-in-may-2024/" rel="noopener noreferrer nofollow">Dogecoin Price Prediction: Is $0.2 a Realistic Target in May 2024?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Prediction: Is $0.2 a Realistic Target in May 2024?

Table of Contents

Coingape News Media

Other articles published on May 4, 2024

May 2024’s Top Video Games: Potential Impact on Gaming Cryptocurrencies like Enjin Coin (ENJ) and...

ERC-404 and the evolution of NFTs towards standardization and accessibility | Opinion

WIF skyrocket 27% amid Arthur Hayes praise, $4.6 level next?

USD Coin and Cosmos Investors Gather for Raffle Coin’s Revolutionary Presale, Anticipating Signif...

Shiba Inu Exec Fumes At Elon Musk Over X’s Security Concerns

Memecoin showdown: the race between Pepe Coin and Kangamoon

Join our free newsletter for daily crypto updates!