- May is Historically Strong for Dogecoin Gains.
- DOGE Price Action Shows Quiet Accumulation.
- Bullish Sentiment Could Fuel May Rally.
According to the history of Dogecoin’s (DOGE) price, this cryptocurrency can experience appreciable development in May unless the pattern is emulated again.
Is Dogecoin Preparing for a Strong May?
A closer look at Dogecoin’s recent price chart questions whether the leading meme coin is set up for a powerful performance in May. Historical data suggests that it may be very well.
CryptoRank‘s analysis of Dogecoin’s price history found that the last month of spring tends to be a period of high points for the cryptocurrency. In 2017, 2019, and even 2020, DOGE delivered nice double-digit gains, even during multiple financial market uncertainties.
Regarding median (middle) and average (average) returns, May has outshone many other months for Doge, with those figures all positive. This continuing pattern is another rare but important historical pattern.
DOGE Price Action Shows Signs of Accumulation
What’s more intriguing, though, is the current market setup. Right now, Dogecoin sits roughly at the $0.18 mark following a moody, up-trending April. The recent price action has formed a series of higher lows, interpreted as accumulation. Traders are watching the charts, but not dramatic spikes, but a market that seems to be building momentum, ironically without fanfare.
The broader context also matters. Given how challenging 2021 has been for DOGE holders, May has also been a time for better-than-expected results. Although the past does not necessarily predict the future, such trends are continuously watched and regarded as very significant when it comes to cryptocurrency.
Dogecoin is in a good position for a possible rise in the next month (May) if its historical price behavior continues and there is still a positive sentiment around the coin, as it gives off the vibes of a meme coin.
