Dogecoin Price Analysis: Altseason Delayed Creates Short-Term Bearish Sentiment for DOGE

The altcoin market is broader, led by Dogecoin (DOGE), which has continued to record pessimistic sentiment over the past few weeks. The total market capitalization of the crypto market has fallen by 2.4 percent in the past 24 hours, fluctuating around 3.34 trillion dollars on Wednesday, June 18 during the trading session in North America. The price of Dogecoin has fallen more than 25 percent over the past four weeks and is trading at around $0.167 at the time of writing. The large-cap memecoin, with a fully diluted valuation of about $25 billion, has been stuck in a downtrend this year similar to the broader crypto market. The important fundamental principles will influence Dogecoin in the medium term. As the leading memecoin secured by a (PoW) proof-of-work consensus mechanism, the Dogecoin network has attracted more institutional investors over the past year. As Coinpedia reported, several fund managers in the United States are looking to offer spot DOGE ETFs. According to traders at Polymarket, there is a 67% chance that the U.S. Securities and Exchange Commission will (SEC) approve spot Doge ETFs before the end of 2025 Short-term target for DOGE price Since the beginning of 2024, the price of Dogecoin has formed an upward trend characterized by higher highs and lower lows. However, the leading memecoin has been stuck in a YTD downtrend.

In the weekly timeframe, the DOGE price has been aiming for a retest of the upward logarithmic trend established over the past year. After being recently rejected at around 25 cents, the DOGE price faces a potential 30 percent drop in support around 11 cents Short-term pessimism is supported by the weekly MACD line recently crossing below the signal line in the context of a rising pessimistic histogram chart. However, the short-term pessimism towards DOGE's price will be invalidated if this altcoin continuously closes above the logarithmic downtrend established since the beginning of the year.