Dogecoin Price Prediction for May 2024 – Watch for These Price Targets

Journalist

• DOGE could end up trading in the range of $0.18 to $0.22, with lower volume than previous highs.
• Price stability could be achieved by observing the performance of other memecoins.

Dogecoin [DOGE] In the last 30 days, it has lost 16.27% of its value. Towards May, the coin’s value could recover.

In recent years, DOGE has shown a positive return every 5th month. The price of Dogecoin rose from $0.33 in May 2021 to $0.52 within a month.

In 2017 and 2019, the cryptocurrency had a similar performance. In 2022, a bear market had set in and the memecoin could not achieve the same performance. [LUNA] Crash Phase

In May last year, the value of DOGE remained stable while the market recovered. The price of Dogecoin in May 2024 is a question that arises.

Dogecoin Price Forecast for May

AskFX must mention that there may be a slight difference. This is because Bitcoin [BTC] last halving occurred just a few weeks ago. Dogecoin’s significant movement only started in February 2021, after the last halving.

It had been seven months since the event. If Memecoin repeats this, there may not be a rally of significant size next month. Altcoins may have to wait until November for the same moves as in 2021.

However, history alone cannot predict price movement. It is important to evaluate on-chain opportunities. AskFX has compared volumes for this part.

Dogecoin started its rally in 2021 with volumes above $6 billion. Volumes were at $42 billion at its peak.

The Outlook for Dogecoin Volume

DOGE volume was $958.76 million at the time of publication, meaning that the interest in the token is nowhere near as high as what was present. This does not mean that the coin is less valuable.

If the cryptocurrency starts a bull run next month, its volume will have to be 3-5 times higher than it is now. Failing to achieve this, May could be a month of slight gains or sideways movement.

Realistically, DOGE may not be able to perform such a feat. The reasons for this are obvious. In the previous bull cycle, Dogecoin was not as liquid as it is now. The price of memecoin could rise as a result. However, in a scenario where the market is strongly bullish, the targets could be between $0.18 and $0.22.

Dogecoin could still be a good cryptocurrency despite the conservative price forecast.

Take a Look at Dogecoin Profit Calculator

If market conditions move from the consolidation phase to the bullish zone in the medium term, DOGE could cross the $0.50 mark. This is not a prediction that traders want to rely on in the coming weeks.