Is DOGE seeing doubling gains in May?
(note: the post contains data by CoinPedia)
The leader of the memecoins category, Dogecoin price, continues to hover close to its crucial support level of $0.128 despite an increase in the bullish sentiment within the crypto industry. Moreover, the Cross EMA 50/200-day records a bearish curve, highlighting a bearish sentiment for this token in the crypto market.
The technical indicator, MACD, displays a constant red histogram in the 1D time frame, highlighting a strong bearish sentiment in the crypto industry. Moreover, the averages show a negative trend, indicating the memecoin leader, Dogecoin, may continue losing value this week.
If the bulls hold its price above the crucial support level of $0.128, the DOGE price will prepare to test its upper high of $0.182 this month. Conversely, if the bears dominate the crypto market, it will plunge and prepare to test its lower support level of $0.10 in the coming time.
The increased popularity of memecoins is expected due to the increased role of SocialFi solutions i.e. RTF (that sought its listing on HTX, WhiteBIT, and other top exchanges) or DSCVR.
