Dogecoin price prediction: Is a June rally likely?

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The price of Dogecoin has increased by over 28% in the last seven days.

Market indicators were pointing to DOGE moving slowly for a few days before becoming volatile.

Dogecoin's performance in May was commendable as it showed double-digit growth. However, the world's largest memecoin did not close the last month with a rise, while its weekly chart turned red.

Let's take an in-depth look at what's happening to predict Dogecoin's price targets in June.

DOGE's performance in May

May brought joy to investors, many made profits. Data from CoinMarketCap revealed that the DOGE price has increased by more than 28% in the last 30 days.

However, the month did not end well for memecoin as its value fell over 4% last week.

At the time of this writing, DOGE was trading at $0.1592 with a market cap of $23 billion, making it the 8th largest cryptocurrency.

AMBCrypto's analysis of Santiment data found that DOGE's social volume remained high last month, reflecting its immense popularity.

However, investors' confidence in memecoin remained low as the weighted sentiment chart remained in the negative territory for most of the days.

This clearly meant that the bearish sentiment around the coin dominated the market in May.

Since DOGE closed the month of May in a bearish trend, AMBCrypto planned to evaluate its metrics to find out if June will be a bullish month.

We saw that DOGE's MVRV was valued at -0.5%, indicating a downward trend.

Other than that, most metrics were trending upward. For example, whale activity around the coin was high. Daily active addresses were also stable, indicating consistent network activity. #doge⚡ #DOGEUSD #doge. #DOGE/USDT