Dogecoin price today has dropped by 8% after Elon Musk’s exit from Donald Trump’s administration was announced. The memecoin has an intraday trading volume of $2.33 billion, a change of 52.31%. But on the positive side, this memecoin has added a strong 15% to its valuation this month.

As the memecoin market has experienced a strong bullish action this month taking a look on Doge price action has become a standard. Notably, this segment has added approximately 15% in its portfolio to $62.58 billion from $56.18 billion.

As the memecoin market has experienced a strong bullish action this month taking a look on Doge price action has become a standard. Notably, this segment has added approximately 15% in its portfolio to $62.58 billion from $56.18 billion.

Following this, the top meme coins have displayed a mixed price action during this period.

However, with the exit of Elon Musk from Donald Trump’s administration, the Dogecoin price today has crashed by approximately 8% with an intraday trading volume of $2.33 billion, a change of 52.31%. But looking at the positive side, this memecoin has added a strong 15% to its valuation this month.

With the largest memecoin hanging by a thread around the $0.20 mark, will the DOGE crypto price record a strong bullish reversal and form a parabolic rise this altcoin season? Let us now find out the market analysis and possible DOGE price prediction for next month.

DOGE On-chain Price Analysis

The volatility of Doge coin has increased to 1.15 today from 0.902 on the 1st of May. increased price volatility ideally indicates increased buying and selling pressure for a token in the market.

Adding to this, the Open interest of the largest memecoin by market capitalization has increased from 1.56 billion to 2.09 billion, a significant jump of 33.98% in a span of just 30 days. Evaluating the on-chain data, a massive spike in the stacking of this meme coin can be noticed.

Dogecoin Price Witnesses a Strong Bearish Reversal?

After displaying a sideways action for about 3 weeks, the DOGE price has recorded increased bearish action, resulting in it experiencing a negative action for 3 consecutive days. During this period, the meme coin price has dropped by over 11%, indicating increased outflow pressure.

The Moving Average Convergence Divergence (MACD) indicator witnesses a steady rise in the red histogram in the daily time frame. Moreover, the 12 & 26-day EMA witnessed a significant drop in the Doge coin price chart, suggesting a high possibility of a short correction before a potential pullback.

The Simple Moving Average (SMA) has witnessed a bearish convergence in the price chart and acts as a resistance to it in the 1D time frame. This suggests a negative outlook for the largest meme coin next week.

Will DOGE Memecoin Rise Again?

Maintaining the value above the $0.20 mark could set the stage for Dogecoin price to retest its resistance level of $0.243. If the bullish sentiment sustains at that point, this may result in it heading toward its upper resistance level of $0.286 during the month of June.

However, if the bearish sentiment intensifies, the Dogecoin crypto could drop toward its $0.18 level. Considering if the bulls fail to regain at that point, the DOGE meme coin price could plunge toward its lower support zone of $0.16 in the upcoming time.