Analysis and Price Prediction of Dogecoin: Below Are the Key Targets to Consider in May

The recent Bitcoin rally (BTC) above $103,000 has triggered the re-emergence of FOMO traders, particularly in the memecoin space led by Dogecoin (DOGE). According to the latest market data at the time of writing, the total crypto market capitalization has increased by over 24 percent in the past 24 hours and is hovering around $70 billion. The deep liquidity of memecoin, along with the robust DeFi and CeFi infrastructure established over the past few years, has played a key role in attracting more speculative traders. The Dogecoin network is witnessing favorable fundamental factors Dogecoin is a veteran memecoin project secured by the legendary proof-of-work consensus mechanism, similar to Bitcoin. As a result, the Dogecoin network has attracted more institutional investors looking to diversify their crypto market portfolios. Furthermore, the Dogecoin network has received unwavering support from tech billionaire Elon Musk and his unicorn family. In addition, the SEC is expected to approve some spot Dogecoin ETFs before the end of this year. As Coinpedia reported recently, analysis of on-chain data shows that whale investors have increased their demand for Dogecoin lately. Important short-term target for DOGE price According to technical analysis, it is clear that the price of Dogecoin has established a bullish trend over the past two years. After successfully recovering from the (SMA) 200-week simple moving average, the price of Dogecoin has increased by more than 12 percent in the past week to trade above the (SMA) 50-week simple moving average.

Therefore, if the price of DOGE continues to close above 21 cents in the coming days, a rally to 26 cents and 45 cents will be unavoidable in the short term. Furthermore, the large-cap memecoin, with a fully diluted valuation of around $30.5 billion, has escaped the correction and is testing again for confirmation.