Dogecoin price prediction: Is a June rally likely?

2 June 2024

in DOGE

Reading Time: 8 mins read

Dogecoin’s price increased by over 28% during the last seven days.
Market indicators hinted at a few slow moving days before DOGE turns volatile.

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

Let’s have a deep look at what’s happening to predict Dogecoin’s price targets in June.

DOGE’s performance in May

The month of May brought joy to investors, as several of them enjoyed profits. CoinMarketCap’s data revealed that DOGE’s price had risen by more than 28% over the past 30 days.

However, the month didn’t end well for the memecoin, as its value dropped by over 4% last week. At the time of writing, DOGE was trading at $0.1592 with a market capitalization of $23 billion, making it the 8th largest crypto.

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

However, investors’ confidence in the memecoin remained low as its weighted sentiment graph rested in the negative zone for the majority of days. This clearly meant that bearish sentiment around the coin was dominant in the market in May.

Source: Santiment

Dogecoin price prediction for June

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

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

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Source: Santiment

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

Therefore, AMBCrypto assessed DOGE’s daily chart.

As per our analysis, DOGE’s Relative Strength Index (RSI) moved sideways at the neutral mark. Both its Money Flow Index (MFI) and Chaikin Money Flow (CMF) registered minor upticks.

These indicators suggested that investors might witness a few slow-moving days during the beginning of June.

Source: TradingView

AMBCrypto then checked Hyblock Capital’s data to look for immediate targets for DOGE. If DOGE gains bullish momentum, then its price might first reach $0.167 as liquidation would rise at that level.

Generally, a rise in liquidation results in a price correction. To the contrary, if DOGE remains bearish, then its value might drop to $0.153.