DOGE Price Analysis for May 4

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DOGE/USD

The price of DOGE has risen by almost 1% over the last 24 hours.

Image by TradingView

On the local time frame, the rate of DOGE is looking more bearish than bullish as the price is near the support level at $0.07795. If the bar closure happens near it, the breakout may lead to a further drop to the $0.0775 zone.

On the daily chart, the rate of DOGE has continued to drop after the failed attempt to fix above the $0.08 zone.

In this case, there is a high possibility of seeing a decline to the support level at $0.07480. Such a scenario is relevant until mid-May.

Image by TradingView

Image by TradingView

A bit more positive picture can be seen on the weekly chart, as the rate of DOGE has not decided yet which way to go. Respectively, the ongoing consolidation in the range of $0.075-$0.085 is the more likely scenario until the end of the month.

DOGE is trading at $0.07819 at press time.

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