- Dogecoin price has increased by over 28% in the past seven days.
- Market indicators suggest that DOGE will see a few days of slow movement before becoming volatile.
Dogecoin [DOGE] Although May’s performance was commendable, with double-digit growth, the world’s largest meme coin failed to end the month on a strong note as its weekly chart turned red.
Let’s take a closer look at what’s going on to predict Dogecoin’s price target for June.
DOGE Performance in May
May was a joyous month for investors, with many reaping the benefits. data It has emerged that the price of DOGE has increased by over 28% in the past 30 days.
However, the month did not end well for the meme coin, which saw its value drop by over 4% last week. At the time of writing, DOGE is trading at $0.1592 and has a market cap of $23 billion, making it the eighth-largest cryptocurrency.
AMBCrypto’s analysis of Santiment data revealed that DOGE’s social volume remained high over the last month, reflecting its immense popularity.
However, investor confidence in the meme coin remained low with its weighted sentiment graph remaining in the negative territory for most of the day, clearly implying that bearish sentiment towards the coin prevailed in the market in May.
Source: Santiment
Dogecoin Price Prediction for June
Since DOGE ended May on a bearish note, AMBCrypto planned to evaluate the indicators to see if June would be a bullish month. DOGE’s MVRV ratio was found to be bearish at -0.5%.
Apart from that, most indicators were bullish: whale activity around the coin was high, for example, and daily active addresses were stable, indicating consistent network activity.
Source: Santiment
In addition, at the time of writing, DOGE Fear and Greed Index The value is 40%, which means the market is in a neutral phase. When this indicator reaches this level, it indicates that the market can go in any direction.
Therefore, AMBCrypto evaluated the daily chart of DOGE.
According to our analysis, DOGE’s Relative Strength Index (RSI) was flat at neutral levels, while the Money Flow Index (MFI) and Chaikin Money Flow (CMF) both recorded modest gains.
These indicators suggest investors may be in for a slowdown for a few days in early June.
Source: TradingView
AMBCrypto checked data from Hyblock Capital to look for immediate targets for DOGE: If DOGE gains bullish momentum, its price may first reach $0.167 as liquidations rise at that level.
Generally, increased liquidations result in a price correction. Conversely, if DOGE remains bearish, its value could drop to $0.153.
Source: Highblock Capital
Is your portfolio green? Dogecoin Profit Calculator
Moving forward, let’s take a look at the long-term Dogecoin price predictions: In a June bull run, DOGE could easily rise to its April high of $0.21.
If DOGE can break through that level and maintain its rise, it wouldn’t be far-fetched to expect the meme coin to hit $0.28 in June.
Source: TradingView
