May 31, 2023 Dogecoin Price Forecast
Dogecoin has a chance to reclaim its position as the top memecoin after PepeCoin lost value. However, DOGE’s performance in the last couple of weeks has been lacklustre, with minimal gains since January 1. Its biggest competitor, Shiba Inu, has rallied 9.14% in the same timeframe. Technical analysis shows DOGE is facing resistance at $0.08285, while its support level is at $0.06604. Unless it breaks above $0.090, DOGE is unlikely to see a bullish trend and may continue to stay below $0.085 until May 31. DOGE’s growth relies heavily on online social media hype, with Elon Musk being one of its biggest supporters. However, Musk’s lack of activity on social media might have contributed to Dogecoin’s lacklustre performance. Nonetheless, the social media platform Twitter may finally proceed with its payment feature, which could include DOGE, giving the asset a significant boost. At the time of writing, DOGE was trading at $0.07279, down by 0.4% in the last hour.
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