Dogecoin could lead the meme coin bull run, analyst suggests

On May 7, the price of Dogecoin stood at 0.15 USD and increased by 19.51% over the last 7 days. Crypto analysts suggest a promising potential for a meme-coin rally in May, not just for DOGE but other meme-tokens as well. The prevailing discussion regarding the established memecoin revolves around its price stability as opposed to its prospective recovery.

In light of DOGE’s significant market volatility, investors are enthusiastic about ascertaining the coin’s ability to maintain its present momentum. This becomes a pertinent question as to how the crypto market would be doing this May, given that the current crypto market movement is bullish, with Bitcoin and Ethereum reaching new zeniths in price this week, standing at $62,473 and $3,004, respectively. 

Ali Martinez, a cryptocurrency expert, recently joined the conversation. The analyst who took to X, previously known as Twitter, didn’t seem very bothered by the market downturn last week or the drop in DOGE’s price, and seemed to confidently mention that such pullbacks could be normal before major upward trends. 

Over the years, there have been instances where the meme coin’s price dipped before making significant gains. For instance, in 2017, DOGE saw a 40% decline followed by a massive surge of nearly 1,000%. Then, four years later, the token again experienced a sharp drop of 56%, but it quickly recovered and surged by an impressive 12,000%, reaching an all-time high of close to $0.70. 

In an unexpected twist in 2024, DOGE once again broke free from a descending triangle pattern, said Ali Martinez, who believes that the current price correction of 47% mirrors past cycles and could potentially kick off the next bullish phase for DOGE. 

On May 8th, DOGE was trading at $0.1485, down 6.02% in the previous 24 hours. Despite the small drop, investors should exercise care before making a judgment. However, there is a sense of hopefulness among the DOGE community, with DOGE exhibiting encouraging signals of growth in the near future.

There’s a lot of speculation about how high DOGE can go, with some experts suggesting it could reach $0.50 soon. In order to accomplish this, the coin must exhibit stability and endure substantial volatility to surmount specific levels of resistance. The next milestone for DOGE is to surpass the $0.20 mark, and if it achieves this, the rest of May holds great promise for Dogecoin.