Dogecoin (DOGEUSD) Price Forecast: May 8
DOGEUSD price may likely reverse a level of $0.07778 soon to resume its uptrend. Should buyers increase their price action further in the market and break up the $0.11000 previous resistance level, the coin price could increase to the $0.15000 upper resistance level and beyond, resulting in better gains for the coin buyers.
Key Levels:
Resistance Levels: $0.10500, $0.11000, $0.11500
Support Levels: $0.08500, $0.07000, $0.06500
DOGE (USD) Long-term Trend: Bearish (Daily Chart)
The long-term market value of Dogecoin is moving in a bearish direction. This is clear as we can see the price trading below the two moving averages. 
Activities from the bears in the past few days have slowed the coin price down below the supply trend levels at its recent low.
Today, DOGEUSD is trading below the two EMAs at the $0.07778 low level on the daily chart. Therefore if the current support holds and the bulls should increase their activities in the market, the coin price may likely reverse and face the upside to retest the $0.11000 previous high. This however makes it capable for the coin to rise further.
Similarly, buyers may likely take over soon as the market price of Dogecoin now approaches the oversold region, this means that the selling pressure will soon end. This will bring the emergence of the bulls to resume the uptrend rally; this in turn could push the price of
DOGEUSD to the $0.15000 upper resistance level in the days ahead in its long-term outlook.
DOGE (USD) Medium-term Trend: Bearish (4H Chart)
Here on the 4-hourly chart, DOGEUSD is showing a downward movement. The prices also trade below the moving averages. This is due to the interference of the sell traders in the market at the moment.
The increase in the momentum by the bears at the $0.07707 support value during the previous session has enabled the Dogecoin price to stay below the resistance lines.
The market value of Dogecoin at the $0.07778 low value can be seen in the moving averages as the 4-hourly chart resumes today. Should the coin price turn up from the mentioned support and jump above the $0.09500 supply mark, the bearish thesis would get invalidated.
However the coin at the oversold region at the moment indicates that the market has reached its bearish exhaustion therefore it is expected that buyers will emerge soon and resume the upside move which may possibly reach a $0.15000 high level in the future in its medium-term outlook.
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