Dogecoin Price Prediction for Today, May 7: DOGE Price May Locate $0.12 Support

Updated: 07 May 2022

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The Dogecoin price prediction shows that DOGE remains at the downside, and the dip is likely to worsen because of a recent decline.

DOGE/USD Market

Key Levels:

Resistance levels: $0.16, $0.18, $0.20

Support levels: $0.10, $0.08, $0.06

DOGE/USD like many other top cryptos is trading on the negative side. The current pullback has been across the board and the Dogecoin is taking a strong hit as well. Currently trading at $0.126, the coin crosses below the 9-day moving average and hovers around the $0.126 level. However, the coin is likely to cross below the lower boundary of the channel if the bears put more pressure.

Dogecoin Price Prediction: DOGE/USD May Increase the Bearish Momentum

At the time of writing, the Dogecoin price is heading to the downside but a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at $0.10, $0.08, and $0.06. On the other hand, any bullish movement above the 9-day and 21-day moving averages may push the coin towards the resistance levels of $0.16, $0.18, and $0.20.

Moreover, the Dogecoin could start a new bullish session but the session may not last long as the 9-day moving average remains below the 21-day moving average. Therefore, it is important to watch out for the next support levels coupled with the movement of other indicators like the Relative Strength Index (14) and the Moving Averages (MA) to confirm the next direction that the coin may follow.

DOGE/BTC Market: Bulls May Dominate the Market

Compared with Bitcoin, the market price remains within the channel, trading at 358 SAT breaking above the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above the upper boundary of the channel, the bulls may end up dominating the market.

However, if the market drops again, the next key support may come at 320 SAT and below. On the bullish side, a possible rise above the channel could hit the resistance level of 400 SAT and above. According to the technical indicator Relative Strength Index (14), the market may begin to move up as the signal line moves to cross above 60-level.

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