And two potential scenarios:
Current price at the time of writing
Current technical outlook – What do the evidence say?
1. Notable technical formations
Bull Flag pattern on the 4-hour chart indicates a potential continuation of the upward trend if a breakout occurs to the upside.
Inverse Head & Shoulders pattern, which is a bullish reversal pattern, continues to develop with the right shoulder still forming.
Nevertheless, the price has broken a major support level at $0.2295 and is heading towards another support at $0.2165.
The level of $0.22 is currently regarded as a pivotal technical support for nearly 84% of the addresses recorded in the profitable zone.
2. Check technical momentum
At the beginning of August, a 'Death Cross' appeared on the four-hour time frame, which is considered a potential negative signal for decreasing momentum.
Nonetheless, performance of $DOGE participated in a recent upward wave, surpassing $0.24 after a ~10% increase in a single day.
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Price forecasts – Where can $DOGE head?
Short-term forecasts (price during August)
Analysis estimates expect the currency to trade between $0.22–$0.23, within a balanced environment between optimism and caution.
Analysis from Perplexity AI indicates a potential range between $0.18 and $0.25. A breakout at $0.25 could open the way for an increase to $0.28–$0.30, while breaking $0.20 may drive the price back towards $0.18.
Medium to long-term forecasts
Rounding Bottom pattern may indicate an initial target around $0.49 if the cyclical pattern repeats.
Optimistic forecasts suggest a potential rise to $0.60 in the coming months, reflecting a potentially strong bullish momentum.
A bolder scenario sets a target around $0.80 by the end of 2025, depending on technical analysis, institutional support, and favorable macroeconomic conditions.
On the moderate side, there is an expectation that the price will move within a narrow range during August, but may gradually rise depending on the momentum of Bitcoin and Ethereum.
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Two potential scenarios for the future
Scenario: Details
Bullish scenario: Breakout from the bullish flag pattern or inverse head and shoulders pushes towards $0.25–$0.30 followed by a larger upward wave towards $0.50–$0.80.
Bearish scenario: Breaking support at $0.22 and continued negative crossover suggest pressure towards $0.20 or even $0.18, reinforcing bearish dominance in the short term.
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General summary
The current technical state is balanced between bullish signals (technical patterns and support from profitable addresses) and bearish signals (Death Cross and breaking previous support).
The potential trading range during August is between $0.18 and $0.25, with a prominent resistance point at $0.24–$0.25, and a pivotal support at $0.22.
Breaking resistance or support from a maker for a strong positive sentiment could push the price towards $0.30 or more.
Conversely, escalating selling pressures could push DOGE back towards lower levels with less optimistic forecasts hinting at $0.18 or lower.
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