Dogecoin price analysis for May 5, 2023, shows the meme cryptocurrency following an increasing movement for the last 48 hours. The price rose from 0.0773 to $0.0804 on May 3, 2023. Dogecoin started losing more value today and significantly decreased its value. Moreover, today the cryptocurrency continues a bearish movement and is at $0.0782 at the time of writing.
As of May 5, 2023, the price of Dogecoin stands at $0.078614, with a trading volume of $654.96M and a market capitalization of $10.94B. Its market dominance is at 0.92%, and the price has increased by 0.40% in the last 24 hours.
Dogecoin’s highest price of $0.738595 was attained on May 8, 2021, whereas its lowest price of $0.00008547 was recorded on May 7, 2015. Since its all-time high, the lowest price reached was $0.049701 (cycle low), and the highest price reached since the last cycle low was $0.156883 (cycle high). Currently, the sentiment for Dogecoin’s price prediction is bearish, while the Fear & Greed Index reports 61 (Greed).
In terms of circulation, Dogecoin has a current supply of 139.21B DOGE out of a maximum supply of 132.67B DOGE. The yearly supply inflation rate is at 4.93%, resulting in the creation of 6.54B DOGE in the last year. Within the Proof-of-Work Coins sector, Dogecoin is currently ranked #3, #1 in the Meme Coins sector, and #6 in the Layer 1 sector.
DOGE/USD 1-day price analysis: Recent developments
Dogecoin price analysis seems to show the market following a positive movement, with the market’s volatility entering a closing movement, consequently tightening the market. This makes the price of the cryptocurrency less prone to experience volatile change on either extreme. As a result, the high price of the cryptocurrency stands at $0.0786, while the open price of the cryptocurrency is $0.0786. Conversely, the low price of DOGE is present at $0.0780, with a change of 0.03% and a close price of $0.0786.
The DOGE/USD appears to cross under the curve of the Moving Average, indicating a bearish movement. The price seems to move upwards toward the resistance band, attempting to reverse the current trend. As the volatility happens to close, this could be in favor of the bulls, as a breakout would explode the volatility providing more room to the bulls for further activity.
Dogecoin price analysis reveals that the Relative Strength Index (RSI) currently stands at 44, indicating that DOGE is highly unstable and falls within the unstable region. However, the RSI score is showing an upward movement, indicating an increasing market and dominant buying activities. This suggests a potential upward trend in the market.
Dogecoin price analysis for 7-days
Dogecoin price analysis shows the market to be following a downward movement, with its volatility increasing. In addition, the market appears to be undergoing an opening movement, indicating future volatility bursts. This makes the DOGE price more prone to undergo change on either extreme in its current state. The high price for DOGE exists at $0.0788, while the open price of DOGE is present at $0.0788. Conversely, the low price for DOGE is at $0.0780, with a change of -0.26% and a close price of $0.0786.
Dogecoin appears to follow a bearish movement, with the DOGE/USD price crossing under the curve of the Moving Average. The downward movement indicates a decreasing market for the meme cryptocurrency. The price attempts to meet the support band soon. If they happen to meet, the market will break and reverse the market dynamic.
The Relative Strength Index (RSI) score for Dogecoin is currently 47, indicating a level of stability for the meme cryptocurrency. DOGE is in the stable region of the RSI chart, with a linear movement. The decline in the RSI score suggests that selling and buying activities are currently balanced, and the market is moving towards a further stable state.
Dogecoin Price Analysis Conclusion
Dogecoin price analysis reveals the cryptocurrency is currently following a stable movement, indicating potential toward the positive extreme. However, the market also shows the potential for a reversal in the coming days as the price moves towards a stable point to anchor itself. If the bulls are able to leverage this stability to their advantage, they could potentially dominate the market and drive up the price of Dogecoin beyond expectations.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-05-05/