Since hitting a low of $0.1298 at the end of April, Dogecoin (DOGE) has initiated a strong rebound and recently broke through $0.2597, with an increase of nearly 100%. This trend has brought this well-known meme coin back into the market spotlight, and the technicals have entered a critical decision stage. Does DOGE still have upward potential in May? Wealth or loss? Is it time to place bets?
The 12-hour chart for Dogecoin (DOGE) shows that the $0.25-$0.27 range has played a key role multiple times over the past few months, previously serving as a support level, but has turned into strong resistance after breaking below it at the end of February. The recent price is testing this area again; if it successfully breaks through $0.27, it may open up further upward potential; conversely, if it faces resistance and falls back, it may retest the support below.
On the weekly level, the area around $0.22 previously served as prior resistance, and after breaking through, it is currently retesting; if it can stabilize, it may become a new support platform. The MACD indicator shows that the fast line is approaching to cross above the slow line; if a golden cross forms, it may indicate a new round of upward momentum. Historical data shows that similar signals have previously driven DOGE prices up significantly. If momentum continues to strengthen, the next targets may point to $0.27, $0.34, or even higher levels.
Currently, the price of Dogecoin is fluctuating in the $0.22-$0.23 range, with a decrease in trading volume, indicating a strong market wait-and-see sentiment.
Moving Average Support: The 50-day moving average ($0.195) provides critical support, while the 200-day moving average ($0.266) remains the main resistance above.
Fibonacci Retracement Analysis: The area around $0.22 (38.2% retracement level) has become a key short-term support, and if it breaks below, it may further test $0.195 or even $0.175.
Dogecoin is currently at a critical position, and the short-term direction is still unclear. Every DOGE holder at this moment is a 'dancer on the edge of a knife', strictly maintaining a stop-loss line at $0.22, and a breakout above $0.24 could allow for more investment!
Reasons to Buy: MACD golden cross + trendline support + halving narrative = $0.7 is not a dream.
Death Trap: Low volume false breakout + meme coin liquidity crisis = instant crash warning.
The cryptocurrency market has entered the 'Dog King Competition' phase; do you dare to join this game?
