Can DOGE Expect a Bullish Run in July 2023?
Dogecoin has been one of the worst-performing cryptocurrencies in 2023, with its bearish streak continuing. The meme currency’s price has experienced minimal rallies and has steadily declined each month. The hype and excitement surrounding Dogecoin have faded, causing investors to reevaluate their prospects in meme currencies.
Elon Musk, the billionaire CEO of Tesla, has been accused of insider trading in Dogecoin. A group of investors has filed a class action lawsuit against Musk, alleging that he manipulated the price of the cryptocurrency. The case is currently unfolding, and more details can be found in the article.
Looking ahead to the second half of 2023, there are predictions for Dogecoin’s price in July. According to leading on-chain metrics and price prediction firm Changelly, DOGE could experience a double-digit decline and reach a new yearly low. The prediction suggests that Dogecoin could fall to $0.054495 levels during mid-July, a decrease of nearly 16% from its current price. Consequently, July may prove to be another bearish month for DOGE, resulting in more losses than profits for investors.
The technical outlook for Dogecoin is also predominantly bearish, with a 96% bearish sentiment and only 4% bullish sentiment. As a result, caution is advised before entering into a position in DOGE at this time. Currently, Dogecoin is trading at $0.064954, down 0.1% in the 24-hour trading period. Furthermore, DOGE has experienced a significant decline of 91.11% from its all-time high of $0.73, which was reached in May 2021.