Dogecoin Rise: DOGE Price Hits Highest Level in July!
The largest memecoin Dogecoin (DOGE) hit its highest price in 34 days, attracting investor interest. On July 20, DOGE's price saw a major breakout and began to rise. However, some analysts are skeptical about the sustainability of this rise.
The Rise of Dogecoin
In a July 20 post on X, anonymous cryptocurrency analyst Shelby said that DOGE had achieved a valuable breakout and was ready to make a big move upward. Shelby suggested keeping a close eye on other memecoins such as Floki (FLOKI) and Shiba Inu (SHIB) as their prices tend to rise with the price of DOGE.
Other cryptocurrency analysts Cheds and CryptoBoss highlighted the downside breakout in Dogecoin's price and confirmed that DOGE had achieved a breakout. DOGE is currently trading at $0.1336, up 18.82% in the past seven days.
Another cryptocurrency analyst, Magnate, warned his followers, “Don’t get caught up in FOMO, a potential pullback will bring lower prices.” The analyst expects the price to drop to $0.1194, which would liquidate about $47.23 million in long positions.
The recent rise in DOGE prices has sparked speculation that the memecoin could reach its all-time high of $0.73, which was achieved after the third Bitcoin block reward halving in May 2021. If this pattern repeats, the memecoin’s price could reach a new peak in April 2025.
