Dogecoin Price Prediction for May 6: Chart Suggests Correction

Dogecoin (DOGE) prices have experienced a decline of 2.06% over the past day, according to CoinMarketCap. The hourly chart shows a false breakout from the local support level of $0.1645. If the daily bar closes significantly away from this mark, DOGE could test the $0.17 threshold by tomorrow. A bearish outlook emerges on larger timeframes. A closing below the $0.1667 level and without a long wick suggests that the correction will continue to the $0.16 area.