Dogecoin Price Analysis: Will $DOGE Price Fall Back to $0.6?

Dogecoin Price Analysis: For nearly a month, the Dogecoin price witnessed a sideways trend between the $0.075 and $0.069 levels responding to broader market uncertainty. However, with the recent sell-off in the crypto market, the range formation resulted in the sellers' favor as the price plunged below $0.069.

Timeline of Dogecoin

Dogecoin was one of the biggest losers in crypto markets on Tuesday, as markets continued to react to the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase. The global cryptocurrency market lost nearly 4% of its value in today's session. Solana was another notable mover, falling by 9% today.

In the midst of the SEC's lawsuit against Coinbase, industry experts and prominent figures have shared their opinions on the matter. Pierre Rochard, vice president of research at Riot Platforms, suggested that Coinbase refocus its attention on Bitcoin.

Twitter CEO Elon Musk has just shilled his favorite digital currency Dogecoin (DOGE) to his more than 142.3 million followers on the social media platform. Elon Musk who is known as the biggest advocate of the industry's first memecoin joined a conversation that was brought to the fore by Pierre Rochard, the VP of Research

Dogecoin has plunged more than 7% during the past day as data shows that whales have made some large movements. Dogecoin Whales Move Large Amounts On The Chain According to data from the cryptocurrency transaction tracker service Whale Alert, five large transactions have been spotted on the DOGE blockchain during the last 24 hours.

Following the Securities and Exchange Commission's (SEC) Monday charges against Binance and its founder Changpeng Zhao for alleged securities violations, well-known figures within the cryptocurrency community have taken to Twitter to respond. What Happened: Former Twitter CEO Jack Dorsey tweeted “Steady lads” in response to Zhao's tweet which read “Strong together.

Elon Musk, the fabulously wealthier innovator, faces a class-action lawsuit from investors who accuse him of insider trading and manipulating Dogecoin (DOGE). Musk's actions allegedly led to a significant rise in Dogecoin's price.

Cryptocurrencies have witnessed a remarkable recovery this year, bouncing back from the market slump experienced in 2022. However, despite the significant rebound, their current values remain significantly below the record-breaking all-time highs reached in 2021.

Dogecoin trended downward in April after falling below $0.082, but exhibited rangebound price action in May. This was likely to continue in June, with DOGE facing a lack of substantial buying pressure.

AliExpress, the renowned global online retailer associated with tech giant Alibaba, has made a noteworthy move by embracing a memecoin that directly competes with the likes of Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogecoin Price Prediction: In the daily time frame chart, the DOGE price shows the formation of a falling channel pattern. Over the past seven months, the coin price rebounded twice from the upper trendline and thrice from the lower trendline indicating this pattern is greatly influencing this memecoin.