Dogecoin Price Prediction: Short-Term Risks, But This Is a Change

The price of Dogecoin (DOGE) has recorded a growth rate of 6.24% over the past seven days. This has supported the memecoin to regain the level of $0.180 during this period. However, recent prices indicate that a major change may be imminent. The price of Dogecoin has touched the upper Bollinger band and may see a reversal in the short term. Dogecoin Price Faces Short Term Risks on Bollinger Bands According to market data, DOGE has not found support at the $0.180 level and is currently on a downward trend. However, the market is still rising as participants view this pullback as a price support move for DOGE. Positive outlook from investors may stem from recent activities within the ecosystem. Notably, DOGE whales continue to operate despite price fluctuations. Recent whale transactions have seen a surge of over 500% as these large holders appear to have started accumulating. Investors are betting on the continuous upward trend of dog-themed memecoin prices. However, technical indicators show that the price of Dogecoin is at the upper range of the Bollinger Bands. This suggests that the price could reverse unless the upward trend is reinforced. Such developments may signal significant losses for investors continuing to accumulate this coin despite price fluctuations and the continuous appearance of bearish signals. Dogecoin Price History Shows Upcoming Recovery Interestingly, the cryptocurrency market is very dynamic and experienced traders do not act based solely on one factor. While the Bollinger bands indicate that the price will decrease, historical data suggests that the price may rise again. According to data from Cryptorank, DOGE is maintaining a growth rate of 6.93% in April. Although this figure is lower than the average of 63.1%, based on the profile, Dogecoin may be preparing for a breakthrough. It could achieve an average growth rate of 23%, and if history repeats itself, DOGE could reach new highs. Historical data shows that DOGE continues to shine even when the cryptocurrency market as a whole experiences instability and price declines. For example, in the years 2015, 2017, and 2019, DOGE recorded average growth rates of 48.5%, 256.1%, and 35.5%, respectively. Last year, the price of Dogecoin increased by an average of 19.1%. This data supports a bullish sentiment in the Dogecoin ecosystem and may help prevent a large sell-off. Investors may hold onto their assets to wait for the price increase next month to profit. This may explain the recent increase observed in whale transactions. These large investors see the price consolidating as the memecoin prepares for a breakout in May. Price Outlook for Dogecoin As of the time of writing this article, the price of DOGE has increased by 0.69% to $0.1792 in the past 24 hours. This coin previously reached a high of $0.1805 before experiencing a pullback. Similarly, the trading volume has decreased by 14.75% to 1.04 billion dollars. However, technical indicators show short term volatility as the RSI indicates that the asset is neither overbought nor oversold. The upward journey of DOGE will need to break through the resistance levels at $0.182 and $0.1972 if it wants to witness a significant price increase. If the price of Dogecoin follows its historical trend in May, it could soar to test the level of $0.20. With community involvement, the memecoin could advance to $0.30 in a bullish context.