The broader altcoin market, with Dogecoin (DOGE) at its forefront, has experienced sustained bearish pressure in recent weeks. On Wednesday, June 18th, during the mid-North American session, the total cryptocurrency market capitalization decreased by 2.4 percent, settling around $3.34 trillion.

Dogecoin's price has declined by over 25 percent in the last four weeks, currently trading at approximately $0.167. This prominent memecoin, boasting a fully diluted valuation of roughly $25 billion, has been caught in a downward trend since the beginning of the year, mirroring the performance of the wider altcoin market.

Key Fundamentals Influencing Dogecoin in the Midterm

As a leading memecoin secured by the proof-of-work (PoW) consensus mechanism, the Dogecoin network has garnered increased interest from institutional investors over the past year. There are reports indicating that several fund managers in the United States are exploring the possibility of offering spot DOGE ETFs.

Polymarket traders estimate a 67 percent probability that the U.S. SEC will approve spot Doge ETFs before the close of 2025.

Short-Term Targets for DOGE Price

From the start of 2024, Dogecoin's price has exhibited a bullish pattern, characterized by successive higher highs and higher lows. Nevertheless, the leading memecoin has been trending downwards year-to-date.

On the weekly chart, DOGE price is attempting to retest the rising logarithmic trend established over the past year. Following a recent rejection around the 25 cent mark, DOGE price is at risk of a potential 30 percent decline towards the support level of approximately 11 cents.

The short-term bearish outlook is reinforced by the weekly MACD line, which recently crossed below the signal line amid increasing bearish histograms. However, this bearish sentiment for DOGE price will be negated if the altcoin consistently closes above the established falling logarithmic trend year-to-date.