June hasn’t been the best month for Dogecoin holders, as selling pressure and decreasing value have been a constant for the world’s first memecoin. Dogecoin’s downward trend has erased nearly 30% of its value in the last 30 days, leaving many in the community discouraged.
However, technical indicators and overall macroeconomic reports could signal a potential shift in sentiment heading into July, as buyers finally recover from June’s bull’s beatdown.
Current Snapshot
$DOGE is currently valued at $0.1628 – down by 1.83% over the previous 24 hours. From June 23–24, Dogecoin saw a 13.14% rise. While not enough to turn the market bullish, this rally appeased the memecoin’s weekly losses, now “only” at a 4% decrease over the week.
Overall, the token is near a 50% decrease year-to-date, and is now close to reverting back to pre-November 2024 levels.
Current News
Just today, Bitwise, a major crypto asset management firm, filed amended S-1 registration statements for its proposed spot Dogecoin and Aptos ETFs with the U.S. Securities and Exchange Commission (SEC).
As of now, there are several Dogecoin ETF filings with the SEC, all yet to receive approval. Bitwise’s updated submission, however, is being seen by analysts as a sign of progress, especially with the inclusion of in-kind creation and redemption mechanisms.
On-chain Sentiment
Funding rates remain modestly positive, hinting at cautious optimism among traders. As of June 26, the OI-weighted funding rate for DOGE stands at +0.0046%, meaning traders holding long positions (betting on price increases) are paying a small fee to those holding shorts.
This ultimately shows a slight favoritism towards a rebound by investors, as short-term sentiment leans mildly bullish. The modest funding rate suggests that buyers are gradually regaining confidence without triggering overly aggressive leverage, often a healthier setup for potential price recovery.
DOGE Price Structure
Dogecoin is approaching a 2-year-long trend bottom, a zone that has been the catalyst for downward rejection since October of 2023.
Back to the daily chart, we can see how the June 23rd surge was a result of a rejection of that exact zone.
This suggests that Dogecoin may pick up some momentum in the short term, as it once again tests the boundaries of a historically significant support region.
Meanwhile, RSI is currently at 37 points on a daily timeframe, placing it just above oversold territory. As for the MACD, the indicator shows a potential reversal as the moving averages start to converge and flatten out, hinting at a possible bullish crossover.
What this suggests is that, while we are likely to see a consolidation period over the next few days, buy strength may be returning gradually, setting the stage for a potential mid-term rally if conditions remain favorable.
Above, the next possible resistance zone is at $0.1720 (7% increase), while below, the price could find a ground at $0.1480 (~6.9% decrease).
Dogecoin Price Recap
- June Collapse: DOGE lost 30% over the month, nearly erasing late-2024 gains.
- Relief Move: A 13% bounce (June 23–24) brought weekly losses to just 4%.
- Trend Base Holding: Price stabilizing near $0.1480, a 2-year-long support zone.
- Momentum Watch: MACD flattening, RSI at 37—signs of a possible shift.
- Next Move Range: Break above $0.1720 could trigger upside; drop below $0.1480 risks $0.1340.
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