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With the month of May drawing to a quick close, it looks like the Dogecoin price is about to end its second month in a row in the green. This has come as a welcome surprise in a month where expectations were that the market would continue to go down. However, this means that Dogecoin is about to enter what has historically been the worst month since its inception, with more red closes than green.
Why The Dogecoin Price Could Go Down In June
The month of June has been known to be very bad for the Dogecoin price, and this has been the case for most of the last 11 years. In more than a decade, the Dogecoin price has only closed out the month of June in the green twice, and this was back when it was still a rather new cryptocurrency.
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As data from the CryptoRank website shows, the only years that the month of June has ended in the green for Dogecoin have been 2015 and 2016. Before that, June 2014 had closed in the red, with a loss of 21.4%, and after 2016, Dogecoin had racked up losses for the month of June every single year.
From 2017 to 2024, Dogecoin has ended the month of June in the red every single time without fail. June 2017 ended in -2.38%, June 2018 ended in 27.2%, June 2019 ended in -4.36%, June 2020 ended in -9.94%, June 2021 ended in -23.9%, June 2022 ended in -23.3%, June 2023 ended in -7.18%, and June 2024 ended in -21.9%.
Looking at the pattern here, it shows that even during bullish years, the month of June has not failed to end in losses for Dogecoin. Going by this established trend, it is not far off to expect the Dogecoin price to actually fall in the new month. With an average return of -7.34% over the years, making it the worst month in terms of returns for the meme coin, a decline could be in the works for the cryptocurrency.
What To Expect From Here
According to the machine learning algorithm at CoinCodex, the month of June may end up deviating from its established pattern. At the start, it does show a possible decline, expecting the price to fall below $0.22. However, as the month progresses, it is expected to turn around.
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The one-month prediction puts the Dogecoin price above $0.26, which is a 17.67% increase from the current price. Toward the end of the month, the machine learning algorithm puts the meme coin as high as $0.28, which is a more than 20% increase.
Featured image from Dall.E, chart from TradingView.com