Over the past month, the memecoin market has experienced a significant rebound. The memecoin segment's valuation increased by 17.42% to $56.16 billion from $47.66 billion. This growth has positively impacted the value of leading memecoins.

Dogecoin is currently trading at $0.17659, with a daily trading volume of $917.05 million—a substantial 30.86% decrease. However, Dogecoin has seen a 6.89% increase this month, indicating growing bullish sentiment. The proposed rule change regarding the 21Shares Dogecoin ETF filing by NASDAQ could significantly influence Dogecoin's price in the coming month. Will Dogecoin maintain its upward trajectory and lead the memecoin market into a major bull run, especially with its next major test around the $0.20 mark? This article offers a monthly DOGE price prediction.

DOGE Memecoin Shows Increased Volatility

After a downturn earlier this year, Dogecoin's market dominance has stabilized for the first time. April saw a sideways trend with minimal price variation, suggesting a weakening bearish force.

Source: Massari

Conversely, open interest in Dogecoin has risen from 973.13 million to 1.53 billion—a 57.22% increase in just 29 days. This points to significant accumulation of the largest Ethereum-based memecoin.

Source: Massari

Open interest (OI) is a crucial metric in the cryptocurrency market, providing insights into market liquidity and sentiment. It represents the total number of outstanding contracts not yet settled or closed.

Dogecoin Price Analysis

As the broader cryptocurrency market stabilizes, DOGE shows neutral price action over the past week, indicating a cooling of buying and selling pressure. Dogecoin is showing signs of a strong bullish trajectory, supported around the $0.15 mark.

Source: TradingView (DOGE/USDT)

The 50-day EMA provides support around $0.1790, while the 200-day EMA suggests a potential retest around $0.22. This indicates mixed price signals. The RSI indicator remains above the neutral point, suggesting potential continued momentum.

Dogecoin's Future Price: Will it Rise?

A bullish scenario could see Dogecoin retest the $0.20 resistance level. Sustained price above this level could push it towards $0.25 in May.

Conversely, a bearish pullback could see Dogecoin drop to $0.15. Failure to regain momentum at this point could lead to a further decline towards $0.125.

Also Read: Bitcoin Price Prediction For May 2025: BTC To Hit $100k?