Dogecoin price has started May with strong sell-side pressure as price prediction estimates for 2025 are being recalibrated.

At press time, DOGE was trading at $0.1735, up 3.5% over the past 24 hours.

Dogecoin has been trading sideways as bulls attempt to overpower the bears in a move towards breaking through the strong resistance at $0.20.

What’s next for DOGE once it smashes past that level? Let’s find out.

Dogecoin bulls targeting a run at $0.18

Experienced crypto analyst Ali Martinez appears to have nailed his Dogecoin price prediction last May 6th.

In a tweet, Martinez noted that after observing DOGE testing key support at between $0.16 and $0.17, DOGE would rebound to $0.175 (where it is right now) and onwards to $0.183.

It stands to reason, therefore, that DOGE will need to hold at the $0.18 range to keep the door open to reclaiming $0.20.

Key levels to watch for $dogecoin.

As it's testing the lower support at $0.16 - $0.17 again. A rebound towards $0.175 and later to $0.183, would be expected.

As long as it holds above $0.18, perhaps we can see a move back towards $0.20. pic.twitter.com/7Vzp7G81zR

— Ali Martinez (@ali_crypto_notes) May 6, 2023

The recent price declines have skewed the overly bullish Dogecoin price predictions made by stakeholders and analysts.

That’s not to mention the low network activity and a generalized bearish sentiment surrounding the largest meme coin by market capitalization.

Prior to its recent pump in the past 24 hours, Dogecoin’s weighted sentiment was firmly stuck in negative territory for most of the first week of May. This indicates an overall negative perception and bearish sentiment about the dog-themed meme coin.

Market participants appear to be waiting for the other shoe to drop for Dogecoin.

Danger up ahead for DOGE?

The fundamentals have forced traders to lay off Dogecoin, leading to network activity figures for DOGE to take a precipitous fall. As expected, DOGE prices aren’t backed by real demand, meaning bulls could struggle to hold the line moving forward.