The wider altcoin market, led by Dogecoin (DOGE), has continued to record bearish sentiment in the past few weeks. The total crypto market cap dropped 2.4 percent in the past 24 hours to hover around $3.34 trillion on Wednesday, June 18 during the mid-North American session.
Dogecoin price has tanked over 25 percent in the past four weeks to trade at about $0.167 at the time of this writing. The large-cap memecoin, with a fully diluted valuation of about $25 billion, has been trapped in a falling trend year-to-date akin to the wider altcoin market.
Key Fundamentals that Will Impact Dogecoin in the Midterm
As the top memecoin secured by the proof-of-work (PoW) consensus mechanism, the Dogecoin network has attracted more institutional investors in the past year. As Coinpedia reported, several fund managers in the United States are seeking to offer spot DOGE ETFs.
According to Polymarket traders, there is a 67 percent chance that the U.S. SEC will approve spot Doge ETFs before the end of 2025.
Short-term Targets for DOGE Price
Since early 2024, the Dogecoin price has been forming a bullish trend characterized by higher highs and higher lows. However, the top-tier memecoin has been trapped in a falling trend YTD.
In the weekly timeframe, the DOGE price has been aiming to retest the rising logarithmic trend established in the past year. Following the recent rejection of around 25 cents, DOGE price faces a potential 30 percent drop towards the support level of around 11 cents.
The short-term bearish sentiment is supported by the weekly MACD line which recently crossed below the signal line on the lower side amid rising bearish histograms. The short-term bearish sentiment for DOGE price will, however, be invalidated if the altcoin consistently closes the established falling logarithmic trend YTD.
