Dogecoin price prediction: Is a June rally likely?
Release: 2024/06/02 10:04 Reading: 807
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=396433
Dogecoin Price Analysis: Forecasts for June
Over the past week, Dogecoin (DOGE) has experienced a surge of over 28%, while market indicators suggest a period of consolidation before potential volatility.
May Performance and Sentiment
May proved favorable for DOGE investors, with double-digit growth. However, the month ended on a bearish note, with a 4% decline. At present, DOGE trades at $0.1592, ranking as the 8th largest cryptocurrency.
Santiment's data indicates sustained social volume, reflecting DOGE's popularity. However, investor sentiment remained negative, suggesting bearish sentiment in May.
June Price Outlook
Given DOGE's bearish May close, an assessment of relevant metrics is crucial for predicting June's trajectory.
- MVRV ratio: Bearish at -0.5%
- Whale activity: High
- Daily active addresses: Stable
- Fear and greed index: Neutral (40%)
Technical analysis reveals sideways movement in the Relative Strength Index (RSI), minor upticks in the Money Flow Index (MFI) and Chaikin Money Flow (CMF).
Immediate Targets
According to Hyblock Capital, bullish momentum could push DOGE to $0.167, while bearishness could result in a drop to $0.153.
Long-Term Outlook
A bullish June could potentially drive DOGE to its April high of $0.21. If this level is broken with sustained momentum, a surge to $0.28 is not unrealistic.
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