Dogecoin price prediction: Is a June rally likely?

  • Dogecoin price has increased by over 28% over the past seven days.
  • Market indicators hinted at a few slow days before DOGE turns volatile.

Dogecoin (DOGE) May’s performance was commendable as it posted double-digit growth. But the world’s largest memecoin didn’t end last month on a bullish note as its weekly chart turned red.

Let’s take an in-depth look at what’s happening to predict Dogecoin’s price targets in June.

DOGE performance in May

The month of May brought joy to investors as several of them made profits. CoinMarketCap data revealed that the price of DOGE has increased by more than 28% in the last 30 days.

However, the month did not end well for memecoin, as its value fell by more than 4% last week. At the time of writing, DOGE was trading at $0.1592 with a market cap of $23 billion, making it the 8th largest crypto.

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

However, investor confidence in the memecoin remained low, with its weighted sentiment chart remaining in the negative zone for the majority of days. This clearly meant that bearish sentiment around the coin dominated the market in May.

DOGE Social Volume Remained High

Source: Santiment

Dogecoin Price Prediction for June

Since DOGE ended May on a bearish note, AMBCrypto planned to evaluate its metrics on whether June would be a bullish month. We found that DOGE’s MVRV ratio had a value of -0.5%, which appeared bearish.

Other than that, most indicators were optimistic. For example, whale activity around the room was high. Its daily active addresses were also stable, indicating constant network activity.

DOGE Daily Active Addresses Remained High

Source: Santiment

Additionally, at press time, DOGE fear and greed index had a value of 40%, which means that the market was in a neutral phase. When the metric reaches this level, it indicates that the market could turn in any direction.

Therefore, AMBCrypto evaluated the daily chart of DOGE.

According to our analysis, DOGE’s Relative Strength Index (RSI) has been moving sideways to the neutral mark. Its Money Flow Index (MFI) and Chaikin Money Flow Index (CMF) recorded minor increases.

These indicators suggest that investors could experience a few slow days in early June.

Source: TradingView

AMBCrypto then checked Hyblock Capital data to look for immediate targets for DOGE. If DOGE gains bullish momentum, then its price could reach $0.167 initially as liquidation would increase at this level.

Generally, an increase in liquidations leads to a price correction. On the contrary, if DOGE remains bearish, its value could drop to $0.153.

Source: Hyblock Capital

Is your wallet green? Check the Dogecoin Profit Calculator

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

If DOGE breaks this level and manages to sustain the rally, then expecting memecoin to reach $0.28 in June will not be ambitious.

Source: TradingView

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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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