Dogecoin (DOGE) Price Prediction For August 2024: Bullish Breakout! Is A New Market High In Sight for DOGE?

On August 24, 2024, Dogecoin (DOGE), the largest meme coin, caught the eye of investors and traders, making headlines in the crypto space with its consolidation breakout that followed an intense 18-day period of range-bound trading between $0.094 and $0.108. Here’s what happened.

Bullish Breakout in DOGE 

The recent breakout in Dogecoin’s price was sponsored by Federal Reserve Chair Jerome Powell’s hint at a potential interest rate cut. This announcement raised dust through financial markets, and DOGE was no exception, experiencing a large surge. This breakout marks a crucial turning point in DOGE’s price trajectory, shifting its outlook to bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily chart.

DOGE/USD price chart. Source: Trading View

According to expert technical analysis, DOGE has a high chance of soaring over 15% to reach the $0.13 level in the coming days, with the potential for further gains. Additionally, a crypto expert on X (formerly Twitter) noted that DOGE is entering the third phase of its bullish cycle, characterized by consolidation along the trendline. This pattern mirrors phases one and two, and historical data shows that such consolidations often precede significant price jumps. Based on this pattern, the expert predicts that DOGE could jump to the $2 or $4.5 level. This potential upswing would be a substantial move for the meme coin, and investors are taking notice.

DOGE’s Rising Open Interest and Price Analysis

As of writing, Dogecoin (DOGE) is trading at approximately $0.113, having experienced a loud 8% price surge in the last 24 hours. This upward momentum is accompanied by a substantial 70% increase in trading volume over the same period, indicating blooming trader participation following the recent breakout and Federal Reserve Chair Jerome Powell’s statement on a looming interest rate cut.

Further, DOGE’s open interest has jumped by 9% in the last 24 hours, per on-chain analytics firm CoinGlass. This mounting open interest suggests growing investor interest in DOGE.

Besides DOGE, the larger cryptocurrency market is also experiencing a rally, with a 4.6% increase in the last 24 hours. Leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA), have seen notable price gains of 5.6%, 5.3%, 5%, and 5%, respectively, over the same period.

Source: Coinfomania 

Meanwhile, per data from Coinfomania expert price prediction, DOGE trades at $0.106538, with a projected 1.78% dive to $0.101 by August 27. However, technical indicators suggest a “Sell” market sentiment.

In the last 30 days, DOGE has seen 11 out of 30 green days, indicating a 37% positive trading trend. The coin exhibits moderate price fluctuations, with a volatility of -15.78%. In the past 24 hours, DOGE has experienced a 2.26% uptick. The live market capitalization stands at $15,489,085,916, with a circulating supply of 145,572,836,383.705 coins out of a maximum supply of 145,637,626,383.705 DOGE.

Source: Coinfomania 

Our technical analysis predicts Dogecoin’s 200-day Simple Moving Average (SMA) will rise, with the simultaneous short-term 50-day SMA expected to reach $0.11 by the same date. The Relative Strength Index (RSI) currently stands at 55.37, indicating a neutral market sentiment for Dogecoin.

DOGE Might Yet Test $0.30 High in August 

Market predictions suggest Dogecoin will fluctuate within a tight range, with a support level of $0.0859 and resistance at $0.144. The forecasted average price for DOGE during this period is $0.114, indicating stable market expectations. However, it’s essential to approach these predictions with caution, as the crypto market is notoriously fickle.

As Dogecoin follows the broader crypto market’s upward trend and continues to develop its Trailmap, adding more utility, we anticipate a notable price run. We predict that DOGE will exceed $0.25 and eye a high of $0.30 by the end of 2024. This forecast assumes the crypto market will maintain its upward momentum and that Dogecoin will successfully execute its development plans, driving increased adoption and demand.