- Dogecoin price tries to hold its slim gains over the weekend.
- DOGE, though, has broken below substantial support, which now has turned into resistance.
- Expect DOGE to see a violent decline for May, bearing nearly 30%.
Dogecoin (DOGE) price is in dire need of some help, although it is questionable which company Elon Musk could buy to place the Dogecoin logo on it. All things aside, the performance of this week was a straight F, as the Bulls were unable to reclaim a vital support element. By giving up on the 200-day Simple Moving Average (SMA), bulls settled for some small profit this week, while things could get ugly as of next week with 30% losses as the end result.
Dogecoin price could get a hangover from May’s performance
Dogecoin price is continuing its decline after peaking above $0.1 in early April and has been unable to make it back up there since. Although it briefly looked that April would be becoming its best-performing month, it starts to look that April will have been the pivotal month that has started an excruciating decline. Since last week DOGE had to give up on the always-important support of the 200-day SMA and is currently even at risk of getting a rejection on its topside from it.
DOGE could tank quite substantially next week, with a decline below the monthly pivot bearing 10% of losses. The week after that could be the pain trade with 25% losses to bear as the price is set to drop like a stone. DOGE would get valued near $0.56 and revisit the low of October of last year and erasing all profit on its yearly performance for 2023.
DOGE/USD weekly chart
Bulls could still save the day, or the week for that matter, by erasing that rejection that is currently happening on that topside. A break back above the 200-day SMA at $0.84 would be enough to set the record straight and put bulls in pole position for next week. With 20% gains projected and DOGE hitting $0.10 again, all risk of a decline will be long forgotten.