Recent changes in Dogecoin's price are raising concerns among traders and analysts, prompting them to reassess the forecasts for this popular cryptocurrency.
Current Price Situation of Dogecoin
Dogecoin's price has shifted towards a bearish trend in recent days, resulting in it falling below the support level at $0.175. In early May, DOGE briefly surpassed $0.18, but by May 3, the price had dropped back below $0.175. By May 6, the price reached a local low of slightly above $0.165, and as of now, Dogecoin is trading around $0.1734, showing a modest 3% recovery over the last 24 hours.
Resistance Level Analysis
TradingView analyst Farid Saremi plotted a 3-hour DOGE/USDT chart to identify macro trends. He observed that Dogecoin reached slightly above $0.50 in December, while January recorded lower highs around $0.43. After these highs, the price fell below the consolidation range of $0.18 to $0.21, indicating weakened strength.
Future Prospects and Predictions
Saremi believes that Dogecoin's price situation may continue to deteriorate. He highlights two levels to watch: the first is $0.10894, where price consolidation occurred in January 2025, and the second is around $0.07478, which is seen as the ultimate target for bears. He mentioned that external factors, such as large holder actions or news events, could affect timing, but target levels will remain.
Based on current trends and analysis, Dogecoin faces uncertainty, and its prospects in the near term remain in question. Analysts emphasize the importance of support levels and the potential for further declines.
