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DOGE Price Prediction for May 7

Tue, 7/05/2024 – 15:26

Cover image via U.Today

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Bears have turned out to be more powerful than bulls, according to CoinMarketCap.

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DOGE/USD

The rate of DOGE has fallen by 2.50% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of DOGE is coming back to the local support level of $0.1532. If the situation does not change until the end of the day, there is a chance to see a breakout, followed by a move to the $0.15 area.

Image by TradingView

On the bigger time frame, the picture is also bearish. Traders should pay attention to the level of $0.1539. If buyers lose it, the drop may lead to the test of the $0.14-$0.15 range shortly.

Image by TradingView

From the midterm point of view, one should wait a few days as the situation is unclear at the beginning of the week. 

However, if the drop continues to $0.15, there is a possibility to see a decline to $0.14.

DOGE is trading at $0.1560 at press time.

SOURCE

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