June 14, 2024

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Dogecoin Price Prediction: Is a June Rally Likely?

Dogecoin Price Prediction: Is a June Rally Likely?
  • The price of Dogecoin has risen more than 28% over the past seven days.
  • Market indicators indicated a few slow-moving days before the DOGE indicator turned volatile.

Dogecoin [DOGE] The performance in May was commendable as it showed double-digit growth. But the world’s largest coin, Memecoin, did not end last month on a higher note as the weekly chart turned red.

Let’s take a deep dive into what’s happening to predict Dogecoin price targets in June.

DOGE performance in May

May brought joy to investors, as many enjoyed profits. Coin Market Cap Data It revealed that the price of DOGE has risen by more than 28% over the past 30 days.

However, the month did not end well for memcoin, as its value fell by more than 4% last week. At the time of writing, DOGE is trading at $0.1592 with a market capitalization of $23 billion, making it the eighth largest cryptocurrency.

AMBCrypto’s analysis of Santiment data revealed that DOGE’s social volume remained high last month, reflecting its massive popularity.

However, investor confidence in memecoin remained low as the weighted sentiment graph remained in the negative territory for most days. This clearly means that bearish sentiment around the currency was dominant in the market in May.

DOGE's social volume has remained high

Source: Santiment

Dogecoin price forecast for June

Since DOGE ended May on a bearish note, AMBCrypto planned to evaluate its metrics to see if June would be a bullish month. We find that DOGE’s MVRV is -0.5%, which looks bearish.

Aside from that, most metrics were bullish. For example, whale activity around the coin was high. Its daily active addresses were also stable, indicating ongoing network activity.

DOGE's daily active headlines remained high

Source: Santiment

Additionally, at press time, DOGE’s Fear and Greed Index Its value reached 40%, which means that the market was in a neutral phase. When the gauge reaches this level, it indicates that the market could turn in any direction.

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Therefore, AMBCrypto evaluated the daily chart of DOGE.

According to our analysis, the Relative Strength Index (RSI) for DOGE moved sideways at the neutral mark. Both the Money Flow Index (MFI) and the Chaikin Money Flow (CMF) index recorded slight increases.

These indicators suggest that investors may see a few slow-moving days during the beginning of June.

Source: Trading View

AMBCrypto then scanned Hyblock Capital’s data to look for immediate DOGE targets. If DOGE gains upward momentum, its price may first reach $0.167 as liquidation will rise at that level.

In general, higher liquidation leads to a price correction. Conversely, if DOGE remains bearish, its value could fall to $0.153.

Source: Hyblock Capital

Is your wallet green? Check the Dogecoin profit calculator

Moving forward, let’s take a look at Dogecoin’s long-term price forecast. A bullish surge in June could easily send DOGE to its April high of $0.21.

If DOGE breaks above this level and manages to sustain the rally, predicting that the memecoin will reach $0.28 in June would not be ambitious.

Source: Trading View