May is coming to an end, and Dogecoin's price seems poised to rise for the second consecutive month. This is undoubtedly a pleasant surprise in a month where people originally expected the market to continue declining. However, it means that Dogecoin is about to enter its worst month since its inception, with closing losses exceeding closing gains.
Why Dogecoin's price may fall in June
It is well known that Dogecoin performs very poorly in June, and this has been the case for most of the past 11 years. For over a decade, Dogecoin has only closed higher in June twice, and that was when it was still a relatively new cryptocurrency.
Data from CryptoRank shows that the only years Dogecoin saw an increase in June were 2015 and 2016. Prior to this, June 2014 saw a loss of up to 21.4%, and since 2016, Dogecoin has experienced losses every June.
From 2017 to 2024, Dogecoin has ended every June with losses. June 2017 saw a -2.38% change, June 2018 was 27.2%, June 2019 was -4.36%, June 2020 was -9.94%, June 2021 was -23.9%, June 2022 was -23.3%, June 2023 was -7.18%, and June 2024 is expected to be -21.9%.
From the current pattern, even during a bull market, Dogecoin seems unlikely to escape the fate of losses in June. Based on established trends, the likelihood of Dogecoin's price actually dropping in the new month is not very high. Dogecoin's average return over the years is -7.34%, making it the worst month for this meme coin's returns, thus this cryptocurrency may be facing a downturn.
Our expectations here
According to CoinCodex's machine learning algorithm, the trend in June may ultimately deviate from the established pattern. Initially, the price of Bitcoin may indeed fall, with expectations of dropping below $0.22. However, as the month progresses, a reversal in price is anticipated.
A one-month forecast indicates that Dogecoin's price will exceed $0.26, a 17.67% increase from the current price. By the end of the month, the machine learning algorithm predicts Dogecoin's price to be $0.28, with an increase of over 20%.
