Dogecoin Price Prediction for May 8: Potential Breakout or Sideways Trading?

The Dogecoin price has shown significant gains today, as per CoinMarketCap data. While some of the market’s other coins are setting new local highs, DOGE has achieved a notable surge of 5.64%. The hourly chart suggests potential resistance at $0.1856, likely leading to less dramatic movements tomorrow. The broader picture shows the Dogecoin price surged past the $0.1850 mark, although it’s still far from key resistance levels. If a breakout occurs above the $0.1929 mark, bulls might begin anticipating a mid-term bull run. However, currently, neither side is dominating, as the rate hovers in the middle of a wide channel. This indicates that a sideways trading scenario, characterized by low volume, is likely to unfold.