Dogecoin Price Prediction and Analysis in May 2020

In order to develop a Dogecoin price prediction for May 2020, we will be looking at some of the coin’s past prices and market opinions.

Dogecoin Overview

Dogecoin (DOGE) has been around for 7 years on the market, being known mostly for representing the Shiba Inu meme.

Dogecoin is currently changing hands at $0.002008, with an increase of 0.96% in the last 24 hours. The crypto is ranked at 32nd place according to a market cap of $249,465,994, with a circulating supply of 124,247,322,461 DOGE.

$165,016,675 worth of DOGE coins were traded in the last 24-hour period, which is less than the $173,098,815 of last month. The lowest value over a 30-day period was recorded at $0,001692.

Dogecoin Price Prediction: Analysis

Dogecoin began trading at $0,002233 when March started, and throughout the first week, it managed to climb up to $0,0025 levels by March 7th. But the following day, the coin dropped to $0,002187.

On March 12^th, Dogecoin plunged to a new monthly low of $0,001535, following the rest of the market. The following day, DOGE experienced massive intraday fluctuations, going down to $0,001247 and then right back up to $0,001738. The coin then struggled for the next week to settle above the $0.0017 resistance level, until on March 19^th, when it reached $0,001773. From then on, DOGE climbed up to $0,001811 till the closing of the month.

Doge debuted in April at a trading price of $0,001812. By the end of the first week, DOGE had risen above the previous resistance level of $0,00190. The following day, Dogecoin broke a new resistance of $0,002044. The coin fluctuated between $0.0019 and $0.0020, but on April 13^th, it failed to go back up to $0.0020 and fell to $0,001894.

source: newtrade99

Dogecoin price was at $0.00199 on April 14, and traded at around the same level for most of the day, closing at $0,001964. The following day was also a pattern of sideways trading. But on April 16, Dogecoin showed a strong recovery movement at 08:35 UTC, when the price once again reached $0.00205, with a surge of 12.11%. For the following days, the coin moved around the same value.

The coin has been trading above $0.0020 since April 18, with a minor dip to $0.00197, but then recovered to $0.00211 by 6.77% rise. The next few days, Doge traded around the $0.0020 level. The coin’s price movement throughout the last week saw a regression of 1.05%.

According to the movement of the DOGE/USD recorded over the past few weeks, the currency is following a bullish trend, but along with that, the coin also experienced many sharp fluctuations.

Dogecoin traded at $0.002101 at the start of the day, and over the course of the next 6 hours, the coin fell by 5.19% and reached $0.001992. Then, DOGE managed a recovery of 4.65%, which placed the coin at around $0.002085 by 10:05 UTC. But Doge could not sustain its new gains for long and suffered a drop of 4.98% and touched a new intraday low of $0.001980 by 14:05 UTC.

From here, Dogecoin once again shot up between 14:05 & 23:00 UTC, with an increase of 5.25% with the price touching $0.002084. The crypto once again experienced rejection at this level and followed a downward trend.

The pivot, resistance, and support levels calculated by WalletInvestor are:

• Resistance Level (R3): 0.00214
• Resistance Level (R2): 0.00210
• Resistance Level (R1): 0.002043
• Pivot Point: 0.0020031
• Support Level (S1): 0.00194
• Support Level (S2): 0.00190
• Support Level (S3): 0.00184

Developments

No major developments or partnerships have been announced for Dogecoin or its project in the past month.

Dogecoin Price Prediction: Market Opinion for May 2020

There have been several sites that have developed their own Dogecoin price prediction for May, and as usual, we featured some of the most relevant forecasting sources to offer a more well-rounded perspective of how the market perceives DOGE’s movement.

Tradingbeasts

Tradingbeasts predicts that Dogecoin will start May at a price of $0.0025344. The site expects that the maximum price would be near $0.0031529 and the minimum price at $0.0021440. The closing price for Doge is projected at $0.0025223 for May, with a change of 29.11%.

Cryptoground

Cryptoground‘s Dogecoin price prediction expects the coin to trade at around $0.0024 in mid-May, which means a change of 20.28%.

Coinpredictor

Coinpredictor expects DOGE to be trading in May at $0.0027, which means an increase of 44.7%.

Digitalcoinprice

Digitalcoinprice once again is very positive with its Dogecoin price prediction, as for May 2020 it forecasted that the crypto will have a price of $0.00408035, which means a rise of 106.35%.

Gov.capital

Gov.capital calculated that Dogecoin will start May at a price of $0.00178, with an estimated maximum of $0.002047 and a minimum of $0.001513. The site also estimated that DOGE will close the month with an average trading price of $0.00225, a maximum of $0.0025875, and a minimum of $0.0019125. The website also posted price predictions for the rest of the days in May.

Altcoinforecast

Altcoinforecast expects Doge to trade at around $0.0017 when May starts, and the site also forecasted that the coin will close the month at $0.0018.

Bitverzo

Bitverzo made Dogecoin price prediction for every day of May, featuring their average, and respective minimum and maximum prices.

Cryptorating

Cryptorating predicted that in the middle of April, Dogecoin will have a price of $0.001304, which would signify a loss of -33.89%,

WalletInvestor

WalletInvetsor’s Dogecoin price prediction for the start of May is that the coin will have an average price of $0.002048, a maximum of $0.00210, and a minimum of $0.00200.

Dogecoin Price Prediction: Verdict

This has been our Dogecoin price prediction for May 2020. We hope that the information we have featured here will be of some use in your trading decisions.

Featured image: elevenews.com

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