Dogecoin Price Drops 10% This Week, Analysts Maintain Bullish Targets
Dogecoin's price declined from $0.25 to approximately $0.21, marking a 10% drop over the week. A temporary bounce above $0.23 occurred on May 17-18 but was not sustained.
Analyst Maintains Bullish Outlook
- Analyst Javon Marks identified a broken trendline that previously capped Dogecoin since its peak at $0.70.
- A low near $0.15 has held; he projects a target of $0.65, indicating a potential 200% increase from $0.21.
- Future milestones suggested include $0.74 and $1.25.
Resistance Levels Remain Key Barrier
- The $0.25–$0.26 range is a significant resistance level, having flipped from support in December 2024.
- Attempts to surpass this level have failed, with recent peaks at $0.24 and closes around $0.22.
- A close above $0.26 is necessary to signal new momentum.
On-Chain Activity Sees Strong Uptick
- Wallet activity has increased significantly, with new addresses up over 100% in the past week.
- Active addresses rose by 110%, while zero-balance addresses increased by 155%.
Stretch Targets Face Big Hurdles
- Achieving targets like $0.6533 requires sustaining above $0.26 and breaking through $0.28 with strong volume.
- Price volatility may prompt profit-taking among holders.
- Short-term focus is on reclaiming and holding above $0.25; falling below $0.21 could lead to further losses.