Dogecoin could rise to USD 0.50 in June

Dogecoin had an unprecedented success before the crash in May-will luck for the meme coin returns in June?

Dogecoin has developed into one of the most popular and most common cryptocurrencies in the world. Of the leading cryptocurrencies, Dogecoin may be the one that was most accepted this year. At one point the Google search volume for Dogecoin exceeded that of Bitcoin, which indicates how popular it has become.

Since the cryptocurrency market has been on a crossroads in the past few weeks, several retailers and investors keep wondering how the leading meme coin will develop. In this article, Dogecoin's course potential for June 2021 is examined.

How has Dogecoin developed this year?

Dogecoin is one of the most powerful cryptocurrencies in the world this year. The cryptocurrency began this year with the trade at 0.00708 USD per coin. However, he recovered and reached an all -time high of $ 0.7188 on May 8th and has recorded a profit of over 6,000%since the beginning of the year.

The impressive performance of Dogecoin since the beginning of the year. Source: Coinmarketcap

The price has cooled down thanks to the ongoing market correction. Doge is currently trading at $ 0.36, which corresponds to a decrease of 50 % compared to its all -time high. However, it has still increased by 3,000% since the beginning of the year, with only a few cryptocurrencies in less than six months have such a massive return on capital.

The acceptance of Doge could be due to the funding of several known names such as Mark Cuban and Elon Musk. Above all, the CEO of Tesla and SpaceX is a big fan of cryptocurrency and even suggested that the electric car manufacturer could in future accept them as a means of payment for its vehicles.

What events could influence Dogecoin's price in June?

Dogecoin started excellently in June. The cryptocurrency acted by $ 0.3, but rose by almost 30% to $ 0.5 last week. The rally was caused by the coinbase doge officially performed on its Pro platform.

The cryptocurrency has further imported after Coinbase began to give away dog worth value of 1.2 million US dollars. The reward helped with the introduction because more and more people were interested in cryptocurrency. At the moment, Dogecoin has still increased by 14% last week and is the best performer among the top ten cryptocurrencies after market capitalization.

There are other events that could influence Dogecoin's course in the next few weeks. Dayymak, a manufacturer of personal light electric vehicles based in Toronto, has announced that he built a car that would reduce cryptocurrencies such as Dogecoin, Bitcoin and others while it is parked. The company went one step further and accepted pre -orders in numerous cryptocurrencies, including Doge, ETH, ADA and BTC. A German taxi company called Tesla Taxi Aschaffenburg will accept Doge as a means of payment for trips.

The San Jose Sharks, a team from the National Hockey League (NHL), have teamed up with Bitpay and will accept Dogecoin and other important cryptocurrencies. People can use dog to make purchases such as ticket memberships and sponsorship offers; In addition, the official app of the Hockey franchise based in California will contain a crypto payment option, since users can pay for numerous things.

Elon Musk played with the thought that Tesla Doge accepts as a means of payment. In this case, Doge's course could increase in the coming weeks and months. Currently, the news about these adoptions could increase DOGECOIN course rally in the next few weeks. At the moment, Dogecoin's course is still 50 % below its all -time high, which is a potential buying signal for investors.

All in all, Dogecoin has so far found massive acceptance despite the malignant Bärische Prize movement of the past few weeks this month. This is proof of the persistence of the supporters of Doge and shows that the demand for the coin on the buyer side will probably stop or even rise in June.

Dogecoin price forecast for June

In addition to the flourishing fundamental image for Doge, there is also reason for upward trends in the technical image. Doge/USD has been able to maintain strong support in the past few weeks at $ 0.30. Since the bears cannot break through this important level of support, Dogecoin is probably rolling together like a spring and is ready to catapult the current level of support to resistance levels over $ 0.40.

Doge/USD chart. Source: Coinlyze

With the latest wave of adoption messages, the Doge/USD couple could gain enough momentum to break the resistance point of $ 0.43. The cryptocurrency has a hard time crossing this point, but every movement about it could bring DOGE for a rally towards $ 0.50. Further upward potential would have to be supported by the wider market.

The cryptoma market is now in the upswing. When this trend continues, a Doge prize forecast of $ 0.50 seems to be a reasonable goal for June. Should the current Bitcoin rally take up speed, Doge could lead the rest of the Altcoin market out of the lull, whereby all the latest positive news offering a very optimistic platform for the meme coin.