Dogecoin, the most recognized meme coin in the cryptocurrency market, experienced a notable price surge in early May 2025. However, its recent price action now shows signs of cooling off. A detailed analysis of the daily and hourly TradingView charts reveals key price levels, moving average signals, and Fibonacci forecasts indicating where DOGE's price might head next.
Dogecoin Price Prediction: What Does the Daily Dogecoin Chart Reveal?
On the daily chart, Dogecoin's price is currently trading around $0.2269, indicating a decrease of more than 3% in the past 24 hours. Despite this pullback, DOGE recently achieved a significant breakout above its multi-month downtrend line. This momentum allowed it to reclaim the 50-day simple moving average (SMA) positioned near $0.1955, which is now acting as strong foundational support.
DOGE's recent price surge witnessed the price rise from below $0.16 to a peak of $0.26 before encountering resistance. The 200-day SMA, currently at $0.2668, appears to be the key resistance area limiting any further bullish advances.
This level has rejected the price twice, indicating that buyers are currently struggling to break through the long-term trend barrier. The Fibonacci retracement level also adds weight to this area, with the 0.382 level around $0.22 currently serving as a support line during the consolidation.
What's Happening on the Hourly Chart?
Zooming into the hourly chart, the strong upward move that began around May 8 has started to lose momentum. Dogecoin's price reached a local high near $0.26 but has since entered a consolidation range between $0.22 and $0.23. The moving averages on this timeframe are starting to flatten out, indicating that immediate bullish momentum is waning.
Currently, the price is hovering around $0.227. The 20-hour and 50-hour SMA lines are tightly packed just above the current price, and the hourly candles are showing hesitation. This reflects a balance between buyers and sellers.
However, the volume is gradually decreasing, indicating that traders are waiting for a decisive move before taking new positions. If DOGE breaks below $0.226, the likelihood of testing the $0.223 to $0.220 range is very high, which would also correspond with the lower support level of the moving average.
Will DOGE Continue to Rise in May 2025?
To assess DOGE's potential upward targets, we apply the Fibonacci extension tool using the recent impulse wave from about $0.15 to $0.26. The current consolidation level around $0.23 corresponds to the 0.236 retracement level, which often serves as a critical decision point. If DOGE holds this area and pushes higher, the next technical targets will be $0.24, $0.27, and potentially even $0.30.
For Dogecoin's price to reach $0.30, it must first break through the 200-day SMA resistance at $0.2668. This requires a return of trading volume and broader market support. A daily candle closing above $0.24 will be the first signal of strength, and a close above $0.27 could trigger additional buying pressure. On the other hand, if the $0.22 support level fails, DOGE could return to the $0.195 level or even test the 100-day SMA near $0.1750.
Dogecoin Price Prediction: Up or Down?
Technically, Dogecoin's price still maintains a bullish structure, but the momentum is weakening. A breakout above $0.24 would open the path towards $0.27 and $0.30, corresponding to an increase of about 32% from the current price.
However, if the price drops below $0.22, the bullish scenario will be invalidated, and sellers may push the price back to the $0.195 support level.
Final Thoughts: Should You Buy When Prices Drop?
The recent price surge of Dogecoin has breathed new life into its price chart, but it currently stands at a technical crossroads. The bullish breakout remains intact as long as DOGE continues to trade above the $0.22–$0.20 range. Traders and investors should closely monitor whether DOGE can reclaim $0.24 with volume support. If so, the path towards $0.27 and beyond remains open. However, failing to hold key support levels could lead to a deeper correction.
Currently, DOGE's price is still in a healthy consolidation phase, and accumulation within this range could lead to the next major move. If the sentiment across the cryptocurrency market turns favorable again, DOGE could surprise traders with another impulsive wave. But until that happens, caution and patience are key.