Dogecoin (DOGE) Price Prediction for May 9: Will Bullish Momentum Continue?

Dogecoin price today is trading around $0.181 after experiencing a significant surge earlier in the day. This price movement follows a breakout from a strong support zone near $0.170. The asset has recently shown strong upward momentum, breaking through key resistance levels and continuing to climb. As Dogecoin price action shifts into bullish territory, traders are closely monitoring whether it can sustain these gains or if a retracement is imminent.

What’s Happening with Dogecoin’s Price?

On the 30-minute chart, Dogecoin price has surged above $0.176, breaking through previous resistance levels with ease. This breakout follows a series of higher lows, creating a bullish trendline and confirming that the market sentiment is increasingly bullish. After a brief consolidation phase, DOGE tested higher resistance zones and broke through the $0.180 level, marking a key milestone in the current rally.

Key support is now located around $0.170, with previous resistance turned into support. If Dogecoin maintains this structure, we could see a continuation of the current bullish trend toward higher resistance zones.

The Fibonacci retracement from the recent swing low at $0.1475 to the recent high at $0.1827 shows a key 50% retracement zone near $0.1730. This suggests that if there is a pullback, $0.1730 will be a critical support level to watch. If Dogecoin maintains support at this level, it could see a continued push toward $0.1840–$0.1850.

Why Dogecoin Price Going Up Today?

On the 30-minute chart, Dogecoin has seen a clear breakout from a downtrend, turning the previously capped resistance levels into newfound support. The recent move above $0.1795 marks a crucial shift in the trend, with price testing higher levels at $0.1817. A close above $0.1820 would reinforce the bullish setup and could push DOGE price spikes toward the $0.1840–$0.1850 zone, a key resistance area observed on the chart.

Key Indicators to Watch:

• RSI (Relative Strength Index): The RSI has reached 70.62, nearing overbought territory but not yet signaling a bearish divergence. While this indicates potential for a minor pullback, the momentum remains strong as long as the RSI stays below 75, keeping the bullish momentum intact.
  
• MACD: The MACD shows a positive crossover with increasing bullish momentum. This signals that Dogecoin price action could continue pushing higher if the momentum persists. The MACD histogram is expanding positively, indicating continued buying interest.

• EMA (Exponential Moving Averages): The 20-EMA is holding above the 50-EMA and 100-EMA, indicating a solid short-term uptrend. The alignment of these EMAs suggests that the trend is likely to continue upwards, with immediate support near $0.1730 and resistance near $0.1840.

Dogecoin Price Update: Key Resistance and Support Levels

As we look ahead to May 9, the key levels to watch for Dogecoin price include $0.176 (support) and $0.185 (resistance). A close above $0.185 would pave the way for Dogecoin to target $0.190, which represents the next significant resistance zone. However, failure to hold $0.176 could signal a deeper retracement toward $0.170 or even $0.164, which were key support levels earlier in the rally.

As we head into May 9, Dogecoin price update suggests a critical test of higher resistance levels near $0.1840 and $0.1850. A breakout above these levels could open the door for a move toward $0.1900, driven by continued bullish sentiment in the market.

Potential Scenarios for May 9:

• Bullish Scenario: A close above $0.1820 would confirm that the breakout is sustainable, with the next target lying near $0.1840. If bulls maintain momentum, $0.1900 becomes the next target.
  
• Bearish Scenario: If Dogecoin fails to hold above $0.1730 and $0.1700 levels, the price could retrace toward $0.1650 and possibly test the lower Fibonacci levels near $0.1600.

Dogecoin (DOGE) Forecast Table – May 9 Outlook