Dogecoin Price Prediction: Bulls Need a Break of $0.40 For Price Recovery

The price of Dogecoin was unmoved by Elon Musk’s latest tweet regarding the state of his Dogecoin holdings. 

Elon Musk tweeted that he has not sold any of his own Dogecoin holdings, but this news was not enough to impact price action. As such, Dogecoin remains just shy of the $0.40 price mark. 

What is the Dogecoin price prediction heading into the last week of May 2021?

Technical Outlook for Dogecoin

The price has met resistance at the previous demand zone, now functioning as a resistance following Wednesday’s crash.

Bulls need to push the price above this zone for the next target at $0.49 (50% Fibonacci retracement from the 11 April swing low to the 8 May swing high) to come into view. Above this level, additional targets are seen at 0.54 and 0.64 before the all-time high at 0.74 becomes available.

On the other hand, rejection and pullback from the resistance zone allows 0.34 to become available for a retest, with further targets to the downside seen at 0.30 and 0.24. 

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Dogecoin (DOGE/USDT) Daily Chart

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