DOGE Price Analysis for May 12

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Even though bears’ pressure remains relevant, some coins have come back to the green zone.

Top coins by CoinMarketCap

DOGE/USD

The rate of DOGE has risen by 0.58% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of DOGE is trading in the middle of the local channel, between the support at $0.07015 and the resistance at $0.07275. Currently, one should pay attention to the closure. If it happens below the $0.0715 mark, there is a high probability of seeing an ongoing correction to the $0.07 zone shortly.

Image by TradingView

On the bigger time frame, the situation is not so bearish as the rate is far from the support. On the other hand, DOGE has not accumulated enough power for a bounce back yet. In this case, sideways trading in the narrow range of $0.07-$0.073 is the more likely scenario for the next week.

Image by TradingView

From the midterm point of view, bears remain more powerful than bulls as the price is on its way to testing the support level again. Thus, the buying volume is falling, which means that the coin is not ready yet for growth.

All in all, the bar’s closure near $0.07 can be a prerequisite for a blast to the $0.06 area by the end of the month.

DOGE is trading at $0.0712 at press time.