Dogecoin Price Prediction - Up 77% in July, Will There Be More Gains Soon?
Dogecoin's recent performance has been quite interesting, especially since April, as it has been fluctuating within a relatively stable 'consolidation range.' However, this range was recently broken by a bullish breakout, indicating that Dogecoin may be poised for at least a 20% increase.
The good news is that on-chain data does not show any signs of panic selling in the market, which is a positive signal for Dogecoin bulls.
As the leader of meme coins, Dogecoin has performed impressively in recent weeks. The entire meme coin market has also revived, with Dogecoin rising 77% in July, making it the biggest gainer among the top three meme coins. Meanwhile, on-chain activity continues to rise, indicating increased market participation.
For instance, the daily active addresses for Dogecoin saw a noticeable rise in May and June, often corresponding to local price peaks or troughs. However, in the past month, while the number of active addresses has slowly increased, it hasn't reached concerning levels yet.
Since May, Dogecoin's 365-day circulation has also been gradually rising, which may indicate an expanding usage rate of Dogecoin. Older holders are selling for profits, but new investors are continuously entering the market. So the question arises: Is Dogecoin's price trend really preparing for a larger increase?
Dogecoin Price Prediction for July and August 🛫
Dogecoin has been fluctuating within a price range (from $0.142 to $0.25) since March. This range was broken on July 20, and in the following 12 days, trading volume was significantly above average, helping Dogecoin break through the critical resistance level of $0.25.
This breakout range means that Dogecoin's rebound could potentially reach at least $0.33. Currently, Dogecoin is testing the resistance level of $0.285, which is an important price point since February.
Next, Dogecoin needs to face the psychological barrier of $0.4. This is a critical level between November 2024 and January 2025 and may present significant resistance.
Overall, the outlook for Dogecoin in the next month or two appears optimistic, with a target price potentially reaching $0.357. If Dogecoin pulls back to around $0.25 or $0.26 in the short term, it could present a good entry opportunity for short-term traders.
