In recent weeks, the altcoin market led by Dogecoin has continued to be under pressure. As of June 19, the price of Dogecoin was approximately $0.167, down more than 25% in the past four weeks, dragging the total market cap of the cryptocurrency market down by 0.66% to $3.25 trillion. The market cap of Dogecoin is close to $25 billion, but like most altcoins, it is in a downward trend.
Key factors affecting the mid-term outlook of Dogecoin
Dogecoin uses a proof-of-work (PoW) mechanism, attracting more institutional investors' attention over the past year. In the United States, several fund companies have applied to the Securities and Exchange Commission (SEC) to launch a spot ETF for Dogecoin, and the approval results are highly anticipated. Polymarket data shows that the market expects a 67% chance of SEC approving the Dogecoin ETF by the end of the year. This potential positive news is considered an important factor supporting Dogecoin's mid-term performance.
Short-term price outlook for Dogecoin
Since the beginning of 2024, Dogecoin prices have shown an overall bullish channel, characterized by gradually rising highs and continually increasing lows.
However, as the largest meme coin by market cap, Dogecoin has recently entered a significant correction. On the weekly chart, the price is attempting to test last year's upward trend line. After facing strong resistance at $0.25, Dogecoin has fallen back and may further decline by about 30% to a support level of $0.11.
In terms of technical indicators, the weekly MACD signal line is running downwards, and the bearish histogram continues to expand, reinforcing short-term bearish expectations. However, if Dogecoin can break through the downward trend line formed since the beginning of the year, short-term bearish pressure may be broken, and prices are expected to rebound.
In recent weeks, the altcoin market led by Dogecoin has continued to be under pressure. As of June 19, the price of Dogecoin was approximately $0.167, down more than 25% in the past four weeks, dragging the total market cap of the cryptocurrency market down by 0.66% to $3.25 trillion. The market cap of Dogecoin is close to $25 billion, but like most altcoins, it is in a downward trend.
Key factors affecting the mid-term outlook of Dogecoin
Dogecoin uses a proof-of-work (PoW) mechanism, attracting more institutional investors' attention over the past year. In the United States, several fund companies have applied to the Securities and Exchange Commission (SEC) to launch a spot ETF for Dogecoin, and the approval results are highly anticipated. Polymarket data shows that the market expects a 67% chance of SEC approving the Dogecoin ETF by the end of the year. This potential positive news is considered an important factor supporting Dogecoin's mid-term performance.
Short-term price outlook for Dogecoin
Since the beginning of 2024, Dogecoin prices have shown an overall bullish channel, characterized by gradually rising highs and continually increasing lows.
However, as the largest meme coin by market cap, Dogecoin has recently entered a significant correction. On the weekly chart, the price is attempting to test last year's upward trend line. After facing strong resistance at $0.25, Dogecoin has fallen back and may further decline by about 30% to a support level of $0.11.
In terms of technical indicators, the weekly MACD signal line is running downwards, and the bearish histogram continues to expand, reinforcing short-term bearish expectations. However, if Dogecoin can break through the downward trend line formed since the beginning of the year, short-term bearish pressure may be broken, and prices are expected to rebound.
