Price Warning $DOGE: A Price Rise or a Bull Trap?

Dogecoin, the most recognized meme coin in the crypto market, experienced a notable bullish trend at the beginning of May 2025. However, its recent price action now shows signs of cooling off. A detailed analysis of the daily and hourly TradingView charts indicates important price levels, moving average signals, and Fibonacci projections suggesting where the price of DOGE may head next. Dogecoin Price Prediction: What Does Dogecoin’s Daily Chart Reveal?

On the daily chart, the price of Dogecoin is currently trading around $0.2269, showing a decline of over 3% in the past 24 hours. Despite this pullback, DOGE has recently achieved a significant breakout above its descending trendline that has persisted for several months. This momentum has allowed it to reclaim the 50-day simple moving average (SMA) positioned near $0.1955, which is now acting as a strong base support. The recent bullish trend of DOGE has seen the price rise from below $0.16 to a peak of $0.26 before encountering resistance. The 200-day SMA, currently at $0.2668, seems to be the main resistance area limiting any further bullish movements. This level has rejected prices twice, indicating that the buyers are currently struggling to break through the long-term trend barrier. The Fibonacci retracement level also adds weight to this area, with the 0.382 level around $0.22 currently acting as a support level during the consolidation process. What’s Happening on the Hourly Chart?

Zooming in on the hourly chart, the strong bullish move that began around May 8 has started to lose momentum. The price of Dogecoin reached a local high near $0.26 but has since entered a consolidation range between $0.22 and $0.23. The moving averages on this timeframe are starting to flatten out, indicating that the immediate bullish momentum is waning. Currently, the price is hovering around $0.227. The 20-hour and 50-hour SMAs are tightly packed just above the current price level, and the hourly candles are showing hesitation. This reflects a balance between buyers and sellers. However, the volume is gradually decreasing, indicating that traders are waiting for a decisive move before holding new positions. If DOGE breaks below the $0.226 level, the likelihood of retesting the $0.223 to $0.220 range is very high, which would also align with the lower support level of the moving average. Will DOGE Still Be Bullish in May 2025? To assess the potential bullish targets of DOGE, we apply the Fibonacci extension tool using the recent impulse wave from around $0.15 to $0.26. The current consolidation level around $0.23 corresponds to the 0.236 retracement level, which often serves as a crucial decision point. If DOGE can hold this area and push higher, the next technical targets will be $0.24, $0.27, and potentially even $0.30. For the price of Dogecoin to reach $0.30, it must first break through the resistance level of the 200-day SMA at $0.2668. This requires trading volume to increase again and support from the broader market. A daily candle closing above $0.24 will be the first signal of strength, and a candle closing above $0.27 could trigger additional buying pressure. On the other hand, if the support level at $0.22 fails, DOGE could drop back to $0.195 or even test the 100-day SMA near $0.1750. Dogecoin Price Prediction: Bullish or Bearish? Technically, the price of Dogecoin still maintains a bullish structure, but the momentum is weakening. A breakout above $0.24 will open the way towards $0.27 and $0.30, corresponding to an increase of about 32% from the current price. However, if the price drops below $0.22, the bullish scenario will be invalidated and the bears may push the price back to the support level of $0.195. Final Thoughts: Should You Buy When Prices Drop? The recent bullish trend of Dogecoin has injected new life into its price chart, but it is currently at a technical crossroads. The bullish breakout remains intact as long as DOGE continues to trade above the range of $0.22–$0.20. Traders and investors should closely monitor whether DOGE can reclaim $0.24 with the support of volume. If so, the path towards $0.27 and beyond remains open. However, failure to maintain key support levels could lead to a deeper correction. Currently, the price of DOGE is still in a healthy consolidation phase, and the accumulation within this range could lead to the next major move. If sentiment across the crypto market turns favorable again, DOGE could surprise traders with another impulsive wave. But until that happens, caution and patience are key.