The price of Dogecoin (DOGE) is testing a key support level after slipping from recent highs. Although traders have many opinions, the price action in the coming days will provide answers. The question remains: Can the DOGE price return to $0.183 soon?
Dogecoin price topped out at $0.1828 in the latter part of April but dropped to approximately $0.167 as of May 6, 2025. The 50-day SMA of $0.1492 indicates selling, and the 100-day SMA of $0.1800 also indicates selling pressure. The RSI of 48.49 reflects neutral momentum slightly in a bearish direction.
Despite a market capitalization decline, DOGE’s 24-hour trading volume is still high at $761 million due to persistent market interest. Recent spikes in volumes and larger holders’ recent buying indicate underlying support. Traders are keenly following the price movements for a shift.
Dogecoin sentiment remains watchful but mixed. It is possible that the price can rally if a spot DOGE ETF gets approved and institutional investors flow in. Elon Musk, who has previously influenced Dogecoin’s price, seems currently occupied with new projects, as reflected in his recent persona change on X.
Dogecoin exhibits evidence of maturity above the usual meme coin hype. DogeOS recently raised $6.9 million in a funding round led by Polychain Capital. This was done to develop an app layer on the Dogecoin network, making finances in Dogecoin a serious base for consumer apps and increasing its real-world applications.
The DogeOS team expressed gratitude to the supporters as they stated, “We’re just getting started,” indicating continued innovation and increasing confidence in DOGE’s prospects.
DOGE Price Outlook
The Dogecoin price is currently in a major support zone around $0.16. Remaining above this price level would help facilitate the comeback that the crypto market is wondering about. This comeback might pressure the DOGE price to $0.175 or even $0.183.
Further solidifying the upbeat sentiment, Dogecoin’s daily chart reveals a “diamond bottom” reversal pattern. This suggests a potential change from a downtrend to an uptrend. Also, on the weekly chart, DOGE is building a bullish cup pattern that foresees a key breakout in the future.
Large-scale traders on X observe major stacking at these levels. They anticipate a strong upward move to $1.00 in the next cycle. When DOGE does move, it tends to lead the way in the meme coin market, and as a result, investors monitor this situation closely.
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