Dogecoin ends the trading week at 0.0788 and continues to move as part of the fall and the downward channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the coin and a potential continuation of growth in the near future. As part of the DOGE/USD rate forecast for the next trading week, we should expect an attempt to develop a rise in the value of the digital asset and test the resistance area near the level of 0.0915. From where a rebound down is expected again and an attempt to continue the fall of the Dogecoin cryptocurrency with a potential target below the level of 0.0505.
Dogecoin Weekly Forecast May 8 — 12, 2023
An additional signal in favor of falling DOGE/USD quotes in the current trading week May 8 — 12, 2023 will be a test of the downtrend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to reduce the Dogecoin cryptocurrency in the next trading week will be a strong price increase and a breakdown of the 0.1145 area. This will indicate a breakdown of the resistance area and continued growth of DOGE/USD quotes with a target above the level of 0.1475. The fall of the cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the level of 0.0625.
Dogecoin Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the resistance area near the level of 0.0915. Then the continuation of the fall to the area below the level of 0.0505. An additional signal in favor of the Dogecoin decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong rise in prices and a breakdown of the 0.1145 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.1475.
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