Dogecoin Set for Bearish May as Value Continues Downward Spiral

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As April’s bearish trend gradually draws to a close, the meteoric rise in the value of Dogecoin, the conflicted digital currency, seems to be losing traction. Market analysts’ predictions for the coming month are not wholly optimistic, largely due to the continued downward spiral in the cryptocurrency market. Falling below $0.14, Dogecoin has been the unsung ‘star’ of this downturn, and with the advanced predictive capabilities of CoinCodex’s machine learning algorithm, the fall of the favored meme coin seems to be far from over.

The CoinCodex algorithm paints a bleak picture for Dogecoin, predicting a 13% decline in its value. After enduring a significant 14% slump in the past week, the dogged meme coin is likely to see another fall in the near future. The algorithm, which conducts thorough evaluations using multiple metrics, maintains a steady bearish outlook for Dogecoin, even in the face of an investing market still pendulum-swinging toward greed.

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The impending drop is expected to further drive the value of Dogecoin below $0.13 to approximately $0.1238, resulting in an overall decline of 13.66% for May. Even within a shorter timeframe, the meme coin doesn’t seem to show any signs of revival with an anticipated drop of 1% to $0.14 within the next week.

The outlook remains similarly dispiriting for the long-term future of Dogecoin. According to the algorithm, the meme coin isn’t likely to reach new all-time high records until the turn of the next decade, 2029. The highest predicted value for Dogecoin in 2025 stands at just above $0.66, a value that still falls short of its current all-time high of $0.7.

The subsequent few years are expected to continue the bear-packed trend, with the currency’s value predicted to swing between $0.126 and $0.25 before anticipating a new high of $1.4. For Dogecoin enthusiasts, this implies a long drawn out wait of five more years to the sight of a fresh summit.

Despite the unrelenting bearish predictions, a closer inspection of Dogecoin’s metrics seems to suggest a very different narrative. For example, Dogecoin’s trading volume has observed a 28% surge in just a day, indicating a revival in investor interest. If these growing numbers translate into a burgeoning demand, a rapid rise in Dogecoin’s price could potentially squash the bear’s reign.

Furthermore, Dogecoin seems to be gaining traction among whales. A notable instance is an identified whale who made two significant withdrawals of a total of 226 million Doge from the Robinhood exchange. Typically, such withdrawal actions suggest the accumulation of the meme coin at advantageous prices, suggesting a potential shift in the wind’s direction.

However, at the time of reporting, the meme coin valiantly battles to stay afloat at $0.135, marking a 4% dip in the last 24 hours. From this point, there are two likely scenarios: Dogecoin could rebound and challenge the $0.15 resistance or face a foiling breakdown directing it back down towards $0.12.