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DOGE Price Analysis for May 12

Fri, 05/12/2023 - 16:00
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Denys Serhiichuk
Is rate of DOGE ready for short-term rise?
DOGE Price Analysis for May 12
Cover image via www.tradingview.com

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Even though bears' pressure remains relevant, some coins have come back to the green zone.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

DOGE/USD

The rate of DOGE has risen by 0.58% over the last 24 hours.

DOGE/USD chart byTradingView

Image by TradingView

On the hourly chart, the price of DOGE is trading in the middle of the local channel, between the support at $0.07015 and the resistance at $0.07275. Currently, one should pay attention to the closure. If it happens below the $0.0715 mark, there is a high probability of seeing an ongoing correction to the $0.07 zone shortly.

DOGE/USD chart byTradingView

Image by TradingView

On the bigger time frame, the situation is not so bearish as the rate is far from the support. On the other hand, DOGE has not accumulated enough power for a bounce back yet. In this case, sideways trading in the narrow range of $0.07-$0.073 is the more likely scenario for the next week.

DOGE/USD chart byTradingView

Image by TradingView

From the midterm point of view, bears remain more powerful than bulls as the price is on its way to testing the support level again. Thus, the buying volume is falling, which means that the coin is not ready yet for growth.

Related
BTC, ETH, XRP, BNB and ADA Price Analysis for May 11

All in all, the bar's closure near $0.07 can be a prerequisite for a blast to the $0.06 area by the end of the month.

DOGE is trading at $0.0712 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.