May has wrapped up without the new peaks we grew accustomed to in preceding months, leading to a breach in pattern consistency. Historical data have portrayed May as a neutral period, but if prices persist at current levels, it might soon be remembered as a month of decline. So what are the anticipations for June? How will four cryptocurrencies, including DOGE, perform?
Cardano (ADA) June Forecast
Cardano, one of the largest altcoins by market value, is wrestling with numerous challenges. Despite notable developments like Alonzo and Vasil, the slow pace of network evolution seems to be dampening interest. It had a lackluster May, and June doesn’t look much brighter. ADA has followed an ascending support line since the start of the year, reaching its annual high of $0.46 on April 15. However, the decline initiated at this peak hasn’t ceased yet.
After a minor rally on May 11, the price faced another potential drop on May 26. Subsequently, another surge was observed. The support line has been holding for exactly 151 days, but a downward breakout appears likely in June. If the worst-case scenario transpires, we may witness ADA’s price plummeting to $0.3. Conversely, under Bitcoin’s leadership, a market uptick could propel ADA‘s price to $0.45.
Algorand (ALGO) Chart Commentary
ALGO began the year with a surge but couldn’t overcome the resistance at $0.28. This led to a decline, continuing until May 2023 when it hit $0.15, marking the year’s lowest level. Now, the price is approaching 2020’s lowest point at $0.14. With a weekly RSI below 50, a continuation of this bearish trend seems probable in June. If we see closures above $0.16, the $0.21 region could be targeted.
Should EOS be Bought?
The price has been falling since August of the previous year. In the past 12 months, the EOS coin has touched the $0.85 level thrice. The likelihood of a final break from this level increases with every touch as the lines weaken, a possibility substantiated by an RSI that has already detached from the diminishing and ascending support line and lies below 50.
If June doesn’t prove favorable for crypto and a significant bullish wave doesn’t commence, a break from $0.85 could initiate a descent to a bottom of $0.45, a region unvisited since the end of 2017.
DOGE Future Chart
Elon Musk appears less invested in DOGE than before, focusing more on technical issues at Twitter, a move that has significantly contributed to DOGE‘s price deflation. His suspension of plans to integrate DOGE into Twitter could be countered by rumors of impending payment services on the social media platform, which could provide some support for DOGE.
DOGE price has been in decline since it was rejected by the horizontal resistance area at $0.12 in October 2022. The decline led the price back to an ascending support line that has held steady since June 2022. Losing this long-protected line could trigger a sharp decline in the coming month. The price is revisiting this line for the fourth time, and what applies for EOS applies here too.
A break could trigger a fall to 2022’s lowest level at $0.05. The flip side would see an expected rise to $0.12.
