For the memecoin Dogecoin (DOGE), May was an up-and-down affair with intermittent bearish trends observed. Though it managed to achieve a cumulative increase of over 28% in the month under review, the upward movement lost steam in the last days of the month and even declined by 4% in the final week to leave DOGE.
As June starts, experts try to predict DOGE’s further tendencies using its indicators. In the context of on-chain analytics, high daily active addresses and whale activity also suggest that the market is bullish. Nonetheless, the MVRV ratio of DOGE remains at -0. This is 5% which indicates a slightly bearish tone.
The technical outlook suggests that June could start with a slow pace for DOGE, as some oscillators such as the Relative Strength Index (RSI) suggest sideways trading in the initial stages. Nevertheless, if a bull rally occurs, DOGE may initially push toward $0. 167 resistance level where the rates of liquidation can skyrocket, leading to a reversal of the price trend.
On the higher timeframes, a more profound upward movement could lead to the restoration of the $0.21, undefined speculations are still out there hinting at DOGE even reaching a value of the $0.28 mark if the bullish momentum continues throughout June.
Due to the nature of the crypto market, and especially for meme coins, DOGE’s performance will have to be closely watched by both investors and meme enthusiasts. But the memecoin’s fan base and increasing acceptance among traditional finance circles could help determine its future trajectory in the next month.
