Dogecoin price snapped its three-day losing streak on Monday as it traded at $0.143 after gaining 1.5 percent in the intraday session. The meme coin has been on a downtrend for the last one week and its weekly losses stand at 13 percent as of this writing. In a market that has been on an extended downturn since late March, Dogecoin signaled a return to the upside at the beginning of May, but declined steeply thereafter.
Notably, meme coins have been outperforming Bitcoin and other altcoins for a while now, as strong community support keeps them above the storm. Notable performers in this list include Floki and PEPE, which have registered double-digit growths of about 11 percent and 15 percent, respectively, in the last two weeks. Dogwifhat also gained about 7 percent, while Book of Memes (BOME) went up by almost 10 percent during that period.
The support for DOGE from one of its biggest backers, billionaire Elon Musk, has stayed strong in 2024, with the latest being the enabling of payments using the token for some Tesla products. However, the momentum that resulted from the announcement seems to have died off in the first week of May. Earlier in March, Musk had announced that Tesla could start accepting DOGE as a mode of payment for its cars “at some point”. The Dogecoin community has been known to react bullishly to such announcements by Musk, and this could be critical to providing upthrust in the absence of a post-halving momentum.
Technical analysis
The momentum on the 30-minute Dogecoin price prediction chart signals control by the buyers, and the pivot is at 0.1427. The upside will likely continue if the price stays above the pivot, with the next resistance likely to come at 0.1454. Furthermore, extended control by the buyers will likely break the resistance and possibly push the price to 0.1475. Alternatively, a move below 0.1427 will likely swing the control to the sellers, with the first support likely to be at 0.1406. A continuation of that momentum will likely breach the support, thus invalidating the upside narrative. Also, the resulting momentum could propel more downward action to test 0.1380.
