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Dogecoin (DOGE) has recorded a modest growth of 3.06% in the last seven days, and despite current fluctuations, it has tried to stay above the $0.17 support level. If DOGE sustains this momentum, the meme coin could reclaim $0.20 in May.
Dogecoin eyes strong May breakout
Historical data support DOGE in achieving this price level. Per Cryptorank data, DOGE has an average positive growth rate of 21.3% this month.
Notably, in the past 11 years, DOGE has underperformed five times in May, with only two being double-digit negative growth. The other six years have seen DOGE post double-digit positive growth, suggesting a bullish month for the meme coin.
If history repeats itself, DOGE will likely register double-digit growth in May. The dog-themed meme coin has kicked off May with a positive growth rate of 3.66%, and the ecosystem remains bullish.
As press time, the DOGE price was exchanging hands at $0.1785, representing a 1.8% increase in the last 24 hours. Market participants have continued to transact as trading volume increased by 13.35% to $988.2 million.
Meanwhile, technical analysis signals that DOGE is on the verge of a breakout, as it recently formed a falling wedge. The price has managed to stay above $0.1720, which could prove crucial to its next move.
Analysts hint at 300% surge on this condition
With DOGE buyers regaining control of the crypto market, this might push prices higher as interest lingers.
As reported by U.Today, DOGE whales have been on an accumulation spree within the last seven days. These large holders added over 100 million DOGE to their portfolio, signaling a bullish move.
This development suggests that the whales are anticipating a price rally soon. If history repeats itself and DOGE hits $0.20, this could trigger another surge.
As noted by Ali Martinez, a renowned on-chain analyst, if DOGE climbs to $0.20, market participants should expect a possible 300% bullish surge in price.
Vladislav Sopov
Dan Burgin