Dogecoin price prediction for the month of June, covering the current price, events that may influence its price, and technical analysis.
Dogecoin (DOGE) is a cryptocurrency based on the popular internet meme ´Doge´, whose logo depicts a Shiba Inu. This digital currency was created from Litecoin in December 2013 by Billy Markus. According to its creator, the coin was meant to be a fun, lightweight cryptocurrency that would attract a wider audience than Bitcoin. In reality, the coin has no use, and it is popularly known as the stuffing currency.
However, Dogecoin has found a special place in the hearts of many people, especially celebrities who are able to influence others to get involved in the project. Among the main ´shillers´ is Elon Musk, one of the richest men on the planet. Followed by over 56 million people on Twitter, Musk spends most of his free time sharing memes. He was the biggest personality to openly support Dogecoin and at one point changed his profile to become the CEO of Dogecoin. He also claimed that the coin was better than Bitcoin because of its fast and cheap transactions and promised to make this token the first official currency on Mars.
Musk’s tweets and memes on DOGE, combined with the intervention of celebrities such as Snoop Dogg, took DOGE’s price from a fraction of a penny to almost a dollar. This article discusses how DOGE’s price has developed, the likely reasons that may influence its price this month, and what trading experts think the price will be at the end of the month.
What is the current price of Dogecoin?
1 Year Doge Price Chart. Source: Coinmarketcap
The DOGE coin price is currently around $ 0.35, with an outstanding supply of 129 billion tokens. This gives the token a market cap of around $ 46 billion, making it the sixth-largest digital currency on the market. The recent bull run, coupled with celebrity support, has dramatically improved the lot of DOGE over the past year. If we look at the price charts, the price has fallen from $ 0.002 to $ 0.35 in the past year. That’s a huge gain of 17,400%. As we mentioned earlier, DOGE has no real value, but due to the speculative nature of the cryptocurrency market and its low price, it is an ideal corner to invest in for those who want to profit. of his crazy price gains. If you think his gains over the past year are impressive, wait and see his all-time ROI, which currently stands at around 64,195%. This means that if you had bought coins worth $ 100 in early 2014, the same amount would be worth around $ 65,000 seven years later.
What events could cause the price of Dogecoin to move in June?
This section discusses three factors that may influence the price of DOGE in June.
Listing on one of the largest cryptocurrency platforms earlier this month inspired a resurgence in DOGE’s price after it plunged to the $ 0.3 level. The news came after sustained interest in the first six months of the year that saw the coin become one of the top ten cryptocurrencies in terms of market capitalization. As expected, the listing saw the token price rise over 25% to trade above the 42-cent range. At the time of writing, the price has dropped to the $ 0.33 range after traders decided to take profits gained over the past few days. However, this listing is a reason to be optimistic about the price of DOGE, as it gives access to more people who have heard of the area and would like to place money on the token. Most analysts see this as a major reason for the price increase of DOGE during the month.
The continued rise of the market
The market may have seen a slight dip from its all-time high a few weeks ago, but many experts believe the bull market is not over yet. The announcement of Tesla’s stop buying cars in Bitcoin and some regulatory issues in China were cited to explain the current state of affairs. Nevertheless, the market should rebound after this slight setback. It is interesting to note that the interest of institutions and individuals remains strong, according to available statistics. At $ 1.5 trillion, the market is still more than five times what it was a year ago, which is pretty impressive.
More celebrity support
The buzz around Dogecoin does not seem to be going away any time soon, as more and more influential people are supporting it. The token is meant to be a fun token or meme coin, and there are a lot of fun things associated with it. Elon Musk has been DOGE’s biggest advocate through his tweets and love of memes. As long as he’s tweeting, the buzz around DOGE isn’t going away anytime soon. Snoop Dogg, as we mentioned before, also provided support to this corner. Even Mark Cuban admitted to buying DOGEs for his son for educational purposes. That kind of attention should allow the token to be reborn this month.
Dogecoin Price Prediction in June
Dogecoin Price Analysis. source: TradingView
Griffin0318 senses a good buy position coming as DOGE continues to follow the path of a head and shoulders top. The coin is looking for a break in the support, going all the way up to $ 0.0785 – $ 0.0688. He adds that there will be no daily support if we go below $ 0.25 until the next support area he just mentioned. Anything can happen, so he invites us to be patient and see how things develop before getting started.
4 hour Dogecoin price chart. Source: TradingView
Mudrex says the DOGE / USD pair saw a consolidated move and hit the middle Bollinger Band. The trading volume has been high over the past 24 hours.
DOGE / USD should experience bullish momentum as price seeks to break above the middle Bollinger Band and bullish behavior may continue until it hits the upper Bollinger Band, which acts as strong resistance. Price volatility has remained low at around 2.7%, with a range of $ 0.37 to $ 0.38 at the time of writing. However, the summary of indicators gives a signal to BUY on DOGE / USD. Out of 11 oscillator indicators, 2 give a SELL signal, 9 are neutral, and 0 give a BUY signal. Of the 15 moving average indicators, 4 give a SELL signal, 1 is neutral, and 10 give a BUY signal.