- 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.
As a seasoned crypto investor with a keen interest in Dogecoin (DOGE), I’ve been closely monitoring its price action and market indicators. The last seven days have seen an impressive 28% surge in DOGE’s price, which has left many investors feeling bullish. However, based on my experience and analysis of the current market conditions, I believe we might witness a few slow-moving days before DOGE turns volatile again.
In May, Dogecoin [DOGE] showed impressive gains with a double-digit increase in value. However, the market’s closing notes for this popular memecoin in May were not as optimistic as its previous performance, as indicated by its red weekly chart at the end of the month.
Let’s have a deep look at what’s happening to predict Dogecoin’s price targets in June.
DOGE’s performance in May
As a researcher, I’ve discovered that the month of May proved to be an exhilarating time for investors due to the significant gains they experienced. According to CoinMarketCap’s data, I uncovered that DOGE‘s price surged by over 28% during the past thirty days.
The month drew to a close on a disappointing note for the memecoin. Its value decreased by more than 4% during the last week. Currently, DOGE is being traded at $0.1592 with a market capitalization of $23 billion, positioning it as the eighth largest crypto.
According to AMBCrypto’s interpretation of Santiment’s findings, the social buzz surrounding DOGE was significant last month, indicating its widespread appeal.
As a market analyst, I’ve observed that the investor sentiment towards the memecoin was generally pessimistic throughout May. The weighted sentiment graph, which measures the overall emotional tone of investors regarding the coin, remained predominantly negative during this period. This indicates a prevailing bearish attitude towards the memecoin in the market during that time.
Dogecoin price prediction for June
As a crypto investor, I kept a close eye on Dogecoin (DOGE) as we approached the end of May. With the market showing signs of bearishness, I wanted to evaluate its metrics to determine if June would bring any bullish momentum. Upon examination, DOGE’s MVRV ratio stood at a value of -0.5%. This figure, which represents the difference between the current market price and the cost basis for the average holder, looked rather bearish, indicating potential downside pressure.
Additionally, the majority of metrics displayed positive trends. For instance, there was significant engagement by large investors, or “whales,” around the coin. Furthermore, the number of daily active addresses remained constant, signaling continuous usage within the coin’s network.
At present, the Dogecoin market’s fear and greed index stood at 40% during our report generation. This figure signifies a neutral stance for investors, implying that the market may shift directions without clear indication.
Therefore, AMBCrypto assessed DOGE’s daily chart.
According to our examination, the RSI for DOGE remained stable near the neutral level in our assessment. We observed slight increases in both its Money Flow Index (MFI) and Chaikin Money Flow (CMF).
Based on these signs, it could be anticipated that there would be some sluggish trading activity at the start of June for investors.
After examining the information provided by AMBCrypto, I found that Hyblock Capital identified potential targets for Dogecoin (DOGE) if it experiences a bullish trend. The price of DOGE could potentially hit $0.167 first as a result of increasing liquidations at that level.
Normally, an increase in liquidations leads to a price adjustment. On the other hand, if DOGE maintains its downtrend, its value could potentially fall as low as $0.153.
Is your portfolio green? Check the Dogecoin Profit Calculator
Moving ahead, let’s explore potential future price trends for Dogecoin. A bullish market in June might propel DOGE up to reach its previous peak at around $0.21 from April.
Should DOGE surpass that threshold and maintain its upward trend, a target of $0.28 by June would not be considered overly optimistic.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- Top gainers and losers
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- DERI PREDICTION. DERI cryptocurrency
- CHEEMS PREDICTION. CHEEMS cryptocurrency
2024-06-02 05:11