Dogecoin price prediction for June covering current price, events likely to influence price, and technical analysis
Dogecoin (DOGE) is a cryptocurrency based on the famous “Doge” internet meme featuring Shiba Inu on its logo. The digital currency was forked from Litecoin back in December 2013 by Billy Markus. According to the creator, the coin was supposed to be a fun, light-hearted cryptocurrency that would appeal beyond the core Bitcoin audience. In reality, the coin holds no utility, and it’s popularly known as the joke currency.
However, Dogecoin has found a special place among the hearts of many, especially celebrities with the ability to influence others to get involved with the project. Among the top “shillers” is Elon Musk, one of the richest men on earth. With a following of over 56 million people on Twitter, Musk spends most of his free time sharing memes. He has been the biggest personality to openly embrace Dogecoin and at one time, had changed his profile to the Dogecoin CEO. Also, he has claimed the coin is better than Bitcoin due to fast and cheap transactions and promised to make the token the first official currency of Mars.
Musk’s DOGE tweets and memes combined with additional “shilling” from top celebrities such as Snoop Dogg has seen the price of DOGE go from a fraction of a penny to almost one dollar. This piece will cover the evolution of the price of DOGE, the likely reasons that can influence its price this month, and what trading experts think the price will be by the end of the month.
What is the Current Price of Dogecoin?
Doge 1 year price chart Source: Coinmarketcap
One DOGE coin is currently priced at about $0.35 with a circulating supply of 129 billion tokens. This gives the token a market cap of about $46 billion, making it the sixth-largest digital currency on the market. The recent bull run coupled with celebrity endorsement has seen the fortunes of DOGE improve tremendously over the past year. Looking at the price charts, the price has grown from $0.002 to $0.35 over the past year. That’s a whopping 17,400% gain. As mentioned earlier, DOGE has no real value, but due to the speculative nature of the crypto market and its low price, it’s an ideal coin to invest in for many who aim to benefit from its crazy price gains. If you think its gains over the past year are impressive, wait until you see its all-time ROI, which currently stands at about 64,195%. This means if you had bought coins worth $100 at the start of 2014, the same amount would be worth about $65,000 seven years later.
What Events Might Move the Price Of Dogecoin In June?
This section will cover three factors that are likely to influence the price of DOGE in June.
Listing on Coinbase
The listing on one of the largest crypto exchanges at the start of the month inspired a resurgence in the price of DOGE after it had dipped to the $0.3 level. The news came after sustained interest in the first six months of the year that saw the coin become a top ten cryptocurrency by market cap. As expected, the listing saw the token price rally by more than 25% to trade above the 42 cents range, at the time of writing and 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 since it offers access to more individuals who have heard about the coin and would love to put some money on the token. Most analysts see this as a big reason for the price of DOGE rising over the month.
The Continuation of the Market Bull Run
The market might have taken a slight dip from its all-time high just a few weeks ago, however, many experts believe that the bull market isn’t over yet. News of Tesla discontinuing its car purchases with Bitcoin and a few regulatory concerns arising from China have been cited as reasons for the current state of things. Still, the market is expected to bounce back from this slight setback. Interestingly, institutional and retail interest is still strong based on available stats. At $1.5 trillion, the market is still more than five times what it was one year ago, which is quite impressive.
More endorsement from celebrities
The buzz around Dogecoin doesn’t seem likely to die any time soon as more influential people keep endorsing it. The coin is supposed to be a fun token or meme coin, and there is plenty of funny stuff associated with it. Elon Musk has been the biggest endorser of DOGE through his tweets and love for memes. As long as he is tweeting, the buzz around DOGE isn’t going away soon. The likes of Snoop Dogg, as mentioned earlier, have also come out in support of this coin. Even Mark Cuban has admitted to buying DOGE for his son for educational purposes. This kind of attention should see the token’s revive its fortunes this month.
Price Forecast for Dogecoin in June
Dogecoin price analysis: source TradingView
Griffin0318 feels a good buy position coming as DOGE continues to follow the path of a head and shoulders top. The coin is looking for a breakdown through support, going all the way down 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 urges us to have patience and see which way it goes before jumping in.
Dogecoin 4 hour price chart: Source TradingView
Mudrex says DOGE/USD saw a consolidated movement and touched the middle Bollinger band. Trading volume has been high in the last 24 hours.
DOGE/USD is expected to see a bullish momentum as the price is looking to go above the middle Bollinger band and the bullish behaviour might continue till it reaches the upper Bollinger band, which acts as a strong resistance. Price volatility remained low at approximately 2.7%, with the day’s range between $0.37—$0.38 at the time of writing. However, the Indicator summary is giving a ‘BUY’ signal on DOGE/USD. Out of 11 Oscillator indicators, 2 give a SELL signal, 9 are neutral, and 0 give a BUY signal. Out of 15 Moving average indicators, 4 give SELL signal, 1 is giving neutral, and 10 are giving a BUY signal.
Please note, the details provided above are entirely a personal opinion of the writer, derived from the relevant market data. None of these are meant to be taken as direct investment advice.
The post Dogecoin Price Prediction for June 2021 appeared first on Coin Journal.
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