Dogecoin (CRYPTO: DOGE) has seen some significant price action over the past month. The memecoin surged above the $0.24 zone in early May before gradually retracing.

According to technical analysis from Coincodex, more downside appears to be likely in the coming days despite one day of upside being forecast.

Dogecoin Price Action

Dogecoin was up 0.09% over the past 24 hours, trading at $0.188 at press time. The memecoin had seen a sharp rally in early May, pushing past the $0.24 level. However, the momentum faded, and the price has steadily declined since then.

Recently, Dogecoin broke below the $0.20 support. The broader memecoin market also appears to be cooling off.

Coincodex: Bearish Outlook Ahead

Coincodex’s short-term model suggests only a minor potential upside before resuming its downward trajectory.

June 06: DOGE is projected to rise slightly to $0.1892—a modest 0.09% gain. A “Buy” signal accompanies this outlook.

June 07 – 10: A decline is anticipated, with prices dropping to $0.1867, then to $0.1845, and eventually down to $0.1834 on June 9.

The trend then pivots slightly higher on June 10 at $0.1846. These are all tagged with “Short” signals, suggesting bearish momentum.

Potential ROI For Short Positions

Traders considering short positions could potentially capture incremental returns, with Coincodex estimating:

June 07: Short at 0.187, exit at 0.186 for a 0.8% ROI.

June 08: Enter short at 0.184, aiming for an exit at 0.183 at a 0.7% return.

Coincode's model predicts a further downward move, reaching 0.183 on June 9, offering another short entry point.

Conclusion

With the short-term trend indicating further declines and no major support levels in sight, traders may find more opportunity on the downside.

Dogecoin's price remains vulnerable after failing to reclaim key resistance zones, and Coincodex's predictions reflect a cautious stance for the coming week.