DOGE Price Analysis for May 6

The coins have not decided which way to go as some of them keep rising while others have returned to the red zone.

Top coins by CoinMarketCap

DOGE/USD

The rate of DOGE has fallen by 0.87% over the last 24 hours.

Image by TradingView

Despite the decline, the rate of DOGE has made a false breakout of the recently formed support level at $0.077. If closure happens far from it, the bounce back may continue to the $0.0785 mark tomorrow.

Image by TradingView

On the daily time frame, the situation is the opposite as the rate is slowly approaching the support at $0.07620. If buyers cannot seize the initiative shortly, the accumulated energy since the end of April can be enough for a sharp drop to the $0.072-$0.074 zone.

Image by TradingView

A neutral situation is on the weekly chart as the rate is far from the key levels. However, if the drop continues to the $0.07 mark and closes below it, the bearish midterm trend might return to the market. Overall, it can lead to a fall to the $0.055 area by the end of the month.

DOGE is trading at $0.07796 at press time.

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