After a market cool down the past month, meme coins could be set for another monumental rally. Will Dogecoin, the sector’s godfather, continue to lead the way?
We use technical analysis and expert opinions to predict where Dogecoin’s price could be headed this month.
Dogecoin is trading at a 38% discount this month, reflecting that selling pressure has drastically outweighed demand.
Dogecoin Will See New Local Highs in May
However, with its current price at $0.13, the bottom could be in for DOGE, allowing a longer-term uptrend to resume.
Dogecoin’s current price marks a retest of its support from March, presenting a perfect reversal opportunity. This is amplified by the RSI indicator being in the oversold region, reflecting that sellers are exhausted.
Meanwhile, Coinglass data shows that Dogecoin’s funding rate (the premium that traders pay to long or short an asset) has gone negative.
This means that bears have taken over the market and now must pay bulls a fee to balance liquidity.
In other words, bears are now disincentivized from trading, potentially enabling bulls to take over.
Leading traders are displaying optimism on Dogecoin’s upcoming trajectory, with Ali Martinez explaining that its price action resembles that of early cycles before explosive rallies.
“Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle.”
He continued, “Based on past trends, we might see DOGE rocket towards $1 in the coming weeks!”
Meanwhile, TradingView analyst ArmanShabanTrading speculates a move toward $0.229 shortly, followed by advancement to its previous cycle all-time highs.
The analyst explained, “Dogecoin is trading with more than 10% growth in the $0.16 range, and by maintaining support in the $0.124 range, we can expect the price to push higher.”
He continued, “The price targets are $0.229, $0.35, $0.374, and $0.75, respectively. The expected yield of this cryptocurrency in the long term is above 300%.”
Indeed, these factors reflect a bullish outlook for the market-leading meme coin. Still, its 11-figure market cap pushes many traders to cheaper alternatives with beta exposure.
One promising Dogecoin alternative is Dogeverse, a multichain meme coin currently undergoing a presale.
Potential Dogecoin Alternative: New Meme Coin Dogeverse Raises $12M at Presale, is Tipped to 100X
Step inside a revolutionary domain of enthralling memetic innovation with Dogeverse, the first-ever multichain Doge-themed cryptocurrency.
His epic chain-hopping adventure begins on Ethereum, Base, BSC, Avalanche, and Polygon and will also launch on Solana.
This narrative will undoubtedly strike a chord with traders, but it must not be mistaken for optics.
The multichain approach offers tangible and unprecedented benefits, such as negating the risk of user migration between blockchains and establishing a chain-agnostic community with widespread accessibility.
In a bid for sustained growth, the Dogeverse team launched a staking mechanism in unison with the presale.
That means presale buyers can lock up their tokens for passive rewards, helping compound their initial investment.
Currently, they can garner an 87% APY, but this will decrease as more tokens are staked.
Adding to the excitement, industry commentators are overwhelmingly bullish on the new presale. For instance, the 99Bitcoins YouTube channel analysts recently dubbed it a “100x potential meme coin” and speculated it could be the “best crypto to buy now.”
The Dogeverse presale has raised a staggering $12.5 million so far. The current price is $0.000304, but this will rise throughout the campaign, so potential buyers should not wait around.
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