Analysis of Dogecoin Price for May 6th shows a general decline as it decreases by 0.87% in the last 24 hours. This decline is visible in the false breakout from a recently established support level of $0.077 on TradingView's daily time frame. If buyers fail to gain the upper hand again, a sharp decline is likely to occur, with the rate dropping to the $0.072 - 0.074 zone. A bearish trend is expected to return in the mid-term market if Dogecoin's rate drops below the $0.07 mark in the weekly chart. As of press time, Dogecoin is trading at $0.07796.

Despite the short term decline, Dogecoin rate has been displaying an overall positive trend. Since the end of April, an accumulated energy can be felt, propelling the rate up towards the $0.0785 mark. This rate increase was further boosted by institutional investors, with Robinhood and other exchanges including the coin on their list of offers. Due to these positive factors, traders can expect Dogecoin to return to the $0.077 support in the upcoming days.

Dogecoin has been a volatile asset throughout its journey, and the current decline might be only a temporary setback. Meanwhile, a decreasing rate can be observed, probably after the surge of capital obtained during the Dogecoin rally in the past few months. To be successful in predicting the future of DOGE, traders should remember its market fundamentals, emphasizing on the supply & demand parameters.

In conclusion, analysis of Dogecoin rate on May 6th shows a decline after a prolonged surge, with the probability of dropping below the $0.07 support in the weekly chart. Despite the short term negativity, positive trends still prevail, as institutional investors are entering the market and buyers are expected to regain control shortly. However, traders need to remain cautious, being mindful of the supply & demand parameters & market fundamentals.



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