Dogecoin Price Analysis and Forecast: Here are Key Targets to Consider in May

• Dogecoin price has recorded a high correlation with Bitcoin, which is expected to experience a bullish acceleration in May.

• On-chain data shows that Dogecoin whales have been aggressively accumulating over the past few weeks.

The recent Bitcoin (BTC) rally above $103k triggered the re-emergence of FOMO traders, especially in the memecoin space led by Dogecoin (DOGE). According to the latest market data at the time of this writing, the total crypto market cap has surged over 24 percent in the past 24 hours to hover around $70B.

The deep memecoin-liquidity in addition to the robust DeFi and CeFi infrastructure established in the past few years has played a major role in onboarding more speculative traders.

Dogecoin Network Records Favoring Fundamentals 

Dogecoin is a veteran memecoin project secured by the legendary proof-of-work consensus method, which is similar to Bitcoin’s. As a result, the Dogecoin network has attracted more institutional investors seeking to diversify their crypto portfolios.

Moreover, the Dogecoin network has received unwavering support from tech billionaire Elon Musk and his family of unicorns. Additionally, the U.S. SEC is expected to approve several spot Dogecoin ETFs before the end of this year.

As Coinpedia recently reported, on-chain data analysis shows whale investors have increased their appetite for Dogecoin in the recent past.

Crucial Short-Term Targets for DOGE Price

From a technical analysis standpoint, it is evident that the Dogecoin price has established a rising trend in the past two years. After rebounding successfully from the 200-week Moving Average Simple (SMA), the Dogecoin price rallied over 12 percent in the past week to trade above the 50-week SMA.

As a result, if the DOGE price consistently closes above 21 cents in the coming days, a rally toward 26 cents and 45 cents will be inevitable in the short term. Furthermore, the large-cap memecoin, with a fully diluted valuation of about $30.5 billion, had already broken out of a correction and retested for confirmation.