- Dogecoin is testing key resistance at $0.1750, with a potential breakout targeting $0.1800–$0.1850.
- A failure to break above this level could see DOGE retreating toward $0.1675 or lower.
Dogecoin (DOGE) finds itself in a delicate balancing act as traders eye key resistance and support levels heading into May 8. After slipping below $0.1680 last week, the meme coin is staging a mild recovery, trading near $0.1720 as bulls attempt to reclaim lost ground. A fresh diagonal support line on the 4-hour chart is helping price action stabilize, following a solid bounce from the $0.1650–$0.1680 demand zone.
Despite this rebound, DOGE remains stuck beneath stiff resistance at $0.1750 — a key trendline ceiling reinforced by a series of lower highs. Complicating the outlook, the 4-hour Exponential Moving Averages (EMAs) — 20, 50, 100, and 200 — are tightly clustered between $0.1716 and $0.1738. This signals compression, often a precursor to a sharp move in either direction.
Also read: Solana Price Analysis for May 8: $149 Resistance Holds Key to Breakout
Technical indicators paint a mixed picture. The Relative Strength Index (RSI) is cooling in the mid-50s, while the Stochastic RSI lingers near oversold territory. A bullish crossover here could spark upward momentum, but the MACD remains flat, indicating a lack of conviction from buyers.
The market is now bracing for a breakout — or breakdown. A decisive push above $0.1750 could open the door to $0.1800 and even $0.1850. But a failure to clear that zone may trigger a fresh decline toward $0.1675 or even $0.1640, where the lower Bollinger Band awaits.
Intraday traders should keep a close eye on the $0.1743 level. A breakout above this minor trendline could confirm bullish intent. Conversely, a drop below $0.1700 would invalidate the current recovery and likely usher in renewed bearish pressure.
For now, Dogecoin remains range-bound, caught in a tug-of-war between bulls and bears. With market sentiment hanging in the balance, May 8 could be a defining day for DOGE’s short-term trend.
