Dogecoin Price Drops 22.0% in June Amid Technical Weakness

On June 19, the price of Dogecoin (DOGE) was recorded at $0.170073, marking an uptrend that has been consistent since December 16, 2013. The cryptocurrency's price has shown volatility, with a high of $0.2066 and a low of $0.1404. The average price for the day was $0.1729.

Analysts forecasted that by the end of June, the price of Dogecoin could drop to $0.1510, indicating a potential decrease of 22.0% for the month. The technical indicators for Dogecoin suggest a period of weakness. The monthly MACD crossover hints at a potential extended decline, similar to previous multi-year downturns observed in 2018 and 2021. This technical weakness is further supported by the recent price action, where Dogecoin has dropped from just over $0.20 to below $0.17, currently hovering around a key support level at $0.137.

Despite the recent downturn, some analysts remain optimistic about Dogecoin's long-term prospects. According to one forecast, the average price for Dogecoin in June is expected to be around $0.18, with a high of $0.21 and a low of $0.15. By the end of the month, the price is predicted to stabilize at $0.16, reflecting a 15.8% decrease from the current levels.

The current price of Dogecoin stands at $0.170, meaning that an investment of $100 would yield approximately 589.168 DOGE. This forecast is based on the current market conditions and technical analysis, which suggests that while there may be short-term volatility, the long-term outlook for Dogecoin remains positive.

Investors are advised to monitor the market closely and consider the potential risks associated with investing in cryptocurrencies.

On the hourly chart, the rate of DOGE remains near the $0.1694 level. If bulls cannot seize the initiative shortly and the candle closes around the support, traders may witness a breakout, followed by a test of the $0.1690 range by tomorrow. On the longer time frame, the situation is neither bearish nor bullish as the price of DOGE has not accumulated enough strength for a sharp move. In this case, sideways trading around the $0.17 zone is the more likely scenario.

From the midterm point of view, one should focus on the weekly candle's closure. If it happens far from the support of $0.1642, there is a possibility of seeing a local bounce back to the $0.18 zone.