As the overall cryptocurrency market looks for an upward rebound after a long slump, most Dogecoin wallets are seeing profits for the first time in a while. DOGE price is slowly rising and has just reached the $0.16 mark, and also reached $0.17 on Monday. The coin has not seen levels above $0.20 in about a month, however, recent indicators show that the asset may be back on the rise.
Dogecoin, despite the recession, remains the top meme asset by market capitalization at $22.43 billion. Being the leading asset, DOGE was one of the biggest decliners in the meme market, and therefore, in case of a rise, it could be one of the biggest climbers, along with BONK and PEPE. The last two currencies are the only ones among the top seven currencies to remain in the green during this bearish period.
Dogecoin’s 16.55% rise over the past week is a strong indicator that the asset could lead the way for a memecoin rally in May. The biggest question surrounding the currency right now is not whether it will bounce, because it is currently doing so. Instead, holders are curious about how long DOGE can sustain this current momentum.
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The expectations of the Dogecoin community are high as always, and it is optimistic to see DOGE continue to rise in the short term. Its peak is up for debate, as some analysts see DOGE hitting $0.50 soon. However, to achieve such feats, the coin would need to show consistent fundamentals and high volatility to break certain resistance barriers. Getting beyond $0.20 is the next step for DOGE, and if that happens, the remainder of May will be very bullish for Dogecoin.