Dogecoin has always been the fan favourite among memecoin traders. As the memecoin market has experienced a strong bullish action this month taking a look on Dogecoin price action has become a standard.
Notably, this segment has added approximately 15% in its portfolio to $62.58 billion from $56.18 billion. Following this, the top meme coins have displayed a mixed price action during this period.
However, with the exit of Elon Musk from Donald Trump’s administration, the Dogecoin price today has crashed by approximately 8% with an intraday trading volume of $2.33 billion, a change of 52.31%. But looking at the positive side, this memecoin has added a strong 15% to its valuation this month.
With the largest memecoin hanging by a thread around the $0.20 mark, will the DOGE crypto price record a strong bullish reversal and form a parabolic rise this altcoin season? Let us now find out the market analysis and possible DOGE price prediction for next month.
DOGE On-chain Price Analysis
The volatility of Dogecoin has increased to 1.15 today from 0.902 on May 1. Increased price volatility ideally indicates increased buying and selling pressure for a token in the market.
Adding to this, the open interest of the largest memecoin by market capitalization has increased from 1.56 billion to 2.09 billion, a significant jump of 33.98% in a span of just 30 days. Evaluating the on-chain data, a massive spike in the stacking of this meme coin can be noticed.
Dogecoin Price Witnesses a Strong Bearish Reversal?
After displaying a sideways action for about 3 weeks, the DOGE price has recorded increased bearish action, resulting in it experiencing a negative action for 3 consecutive days. During this period, the meme coin price has dropped by over 11%, indicating increased outflow pressure.
The Moving Average Convergence Divergence (MACD) indicator witnesses a steady rise in the red histogram in the daily time frame. Moreover, the 12 and 26-day EMA witnessed a significant drop in the Doge coin price chart, suggesting a high possibility of a short correction before a potential pullback.
The Simple Moving Average (SMA) has witnessed a bearish convergence in the price chart and acts as a resistance to it in the 1D time frame. This suggests a negative outlook for the largest meme coin next week.
Will DOGE Memecoin Rise Again?
Maintaining the value above the $0.20 mark could set the stage for Dogecoin price to retest its resistance level of $0.243. If the bullish sentiment sustains at that point, this may result in it heading toward its upper resistance level of $0.286 during the month of June.
However, if the bearish sentiment intensifies, the Dogecoin crypto could drop toward its $0.18 level. Considering if the bulls fail to regain at that point, the DOGE meme coin price could plunge toward its lower support zone of $0.16 in the upcoming time.
Also Read: Ethereum Price Prediction June 2025: Will ETH Reclaim $3000?
