Key Takeaways
- Dogecoin’s Current Status: As of August 14, 2024, Dogecoin price is trading at , with a market capitalization of $15.37 billion, reflecting a bearish market sentiment with a Fear-Greed Index of 30, indicating significant investor caution.
- Market Performance: Despite a modest 0.88% increase in the past 24 hours, Dogecoin price has already experienced a steep decline of over 13% in August, reflecting a continuation of the broader bearish trend affecting the crypto markets.
- Technical Analysis: Dogecoin price is currently trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), which have formed a bearish death cross, signaling increased selling pressure and the potential for further declines if the trend persists.
- DOGE Price Predictions: To reverse the current bearish trend, Dogecoin price must hold above the key support level of $0.1 and rise past the R2 Fibonacci pivot at $0.15, with the possibility of reaching $0.2 by the end of August if these resistance levels are overcome.
- Future Outlook: For the remainder of 2024, Dogecoin price could see potential price targets reaching up to $0.5 to $0.7 by the end of the year, despite possible fluctuations and bearish corrections, setting the stage for a potentially bullish continuation into 2025.
Where will Dogecoin Price Head Next?
Despite a strong recovery in mid-July, Dogecoin price has already fallen over 13% in August amid the recent bearish trend in the crypto markets.
Dogecoin price is currently trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), which have both formed a bearish death cross, signaling potential further selling pressure.
Dogecoin price is holding on to support near the $0.1 level, which aligns with the S1 Fibonacci pivot point for August. A decisive drop below this level could lead to further declines, potentially reaching the S2 Fibonacci level at $0.087.
For a trend reversal, Dogecoin price must sustain above the psychological barrier of $0.1 and then surpass the R2 Fibonacci pivot level of $0.15. Achieving this could set a target of $0.2 by the end of August 2024.
Reaching $0.2 in August could lead to new targets, with the possibility of Dogecoin rising to $0.3 by the end of June 2024.
| Indicator | Value |
|---|---|
|
Support levels (Fibonacci, S1/S2/S3)
|
$0.099 / $0.087 / $0.067 |
|
Resistance levels (Fibonacci, R1/R2/R3) |
$0.138 / $0.151 / $0.17
|
|
50-day EMA |
$0.117
|
|
200-day EMA |
$0.125
|
|
RSI level |
46.81 |
|
MACD level (Signal Line) |
-0.005 |
Dogecoin Price Prediction August 2024
Dogecoin price is believed to remain consistent, with the price ranging within a pre-determined range. Neither the bulls nor the bears may exhibit their strength, as they both could be waiting for the price to reach their expected levels. Therefore, after experiencing excess compression, the price may finally trigger a breakout. However, with a lack of buying pressure, the price could remain restricted between $0.15 and $0.2 by the end of the month.
September has largely been a good month for the crypto space, with the crypto winters spreading across the markets. One may witness this as a consolidation phase, but on the other hand, the bulls could be accumulating strength to go long in the coming days. Therefore, a slight uptick in prices could unfold a fine bullish case and end the monthly trade between $0.2 and $0.28.
As the trade advances to the last quarterly trade, market sentiments may flip to extreme bullish. The month of October has largely been profitable, with the markets gaining nearly 10% throughout the month. Hence, the DOGE price is also believed to maintain a healthy upswing and rise above $0.35. By the end of the month, the price is believed to trade close to $0.45, which may materialize while at the same time attracting some bearish forces.
The market participants may remain optimistic about the trade in the next two months, which may keep levels elevated. With this, the price could begin with a fresh upswing and reach around $0.5 in a short while. By the end of the monthly trade, the Dogecoin price could remain constant at around $0.4 or face a minor pullback and trade around $0.35.
The market volume may intensify as the trade enters the last month of the year. The bull runs previously have been triggered during these times, and hence a similar trade could be expected this month. The Dogecoin price may soar with huge intensity, find yearly highs around $0.45, and maintain a healthy consolidation till the end of the year.
Dogecoin Price Prediction 2025
The bullish momentum that began at the start of the year is expected to continue, driving Dogecoin price to approach the $0.55 mark by the end of Q1. The bears are unlikely to interfere currently, as the market may be nearing the peak of the ongoing bull run, potentially resulting in prices ranging from $0.75 to $0.83 by mid-year. In the second half of the year, new record highs are anticipated, with Dogecoin price surpassing the $1 milestone. However, during Q3 2025, the price might encounter significant resistance, causing a drop below the $1 mark, potentially in the $0.85 to $0.92 range. By the end of the year, the price is believed to trade between $1.05 and $1.1, but it will face bearish interference soon.
The bearish reversal that began in late 2025 is anticipated to continue into 2026, with the price initially stabilizing for a few weeks above crucial support levels. As the year progresses, these support levels may weaken, allowing bears to exert more influence on the market. In the latter part of the year, the descending trend is expected to evolve into a correction, which could eventually develop into a full-fledged bear market. During this phase, price levels may experience significant declines, erasing much of their previous gains and approaching the lowest points of the year. As 2026 concludes, Dogecoin price is projected to trade within the range of $0.55 to $0.68.
Despite early optimism among market participants, the prevailing bear market could persist for a few months. The price is expected to follow a steady downward trajectory during the year’s first half, potentially reaching a range of $0.11 to $0.098 by the end of H1. The bear market’s intensity might wane as the second half begins, but prices could dip to mid-Q3 lows around $0.085. Following this downturn, a sharp rebound is foreseen, allowing the price to recoup lost ground. By year-end, the Dogecoin forecast could hover between $0.13 and $0.22, reflecting the expected market conditions throughout the year.
The onset of 2028 may bring bullish sentiment to the DOGE market, potentially leading to elevated prices. Price support at $0.12 could serve as a strong foundation, facilitating a healthy upward trend. By the end of H1 2028, DOGE price may reach levels ranging from $0.72 to $0.75, indicating substantial gains. Following a prolonged bearish phase, a period of sideways trading may ensue, allowing the bulls to gather strength. While the price could surpass $0.89 by year-end, it may not quite reach the significant $1 milestone and close the yearly trade around $1.2 to $1.4.
In 2029, Dogecoin price may embark on a surge aiming to establish a new all-time high (ATH). The price could initiate its ascent with minor spikes while assessing the strength of bearish forces. Following these initial spikes, a weakening of the bears might pave the way for intensified bullish activity. Consequently, by the close of H1, the price is anticipated to trade in the range of $2.5 to $4.2. The bullish momentum could peak in the second half, achieving a new ATH of approximately $5.5 in Q3, but this may attract profit-taking bears, leading to a year-end price range of $3.5 to $3.6.
Following a new all-time high, Dogecoin price is expected to initiate a substantial bearish trend. This bearish momentum may persist into 2030 and eventually transform into a protracted bear market. The bearish sentiment could become so pronounced that the bulls struggle to counteract it. A more significant decline is anticipated during the latter half of the year, potentially hitting its lowest point by the end of Q3. After reaching these lows, the DOGE price might experience a rebound, aiming to recover lost ground and concluding the year within the range of $2.2 to $2.5.
Will the Dogecoin Price Rise Again in 2024?
The outlook for Dogecoin price recovery in 2024 hinges on several key factors, including market sentiment, technical indicators, and broader crypto market trends. Currently, Dogecoin is experiencing significant bearish pressure, trading below both its 50-day and 200-day EMAs, which have formed a bearish death cross—a signal that typically forecasts further declines. However, the crypto market is known for its volatility, and a shift in investor sentiment or a surge in buying pressure could trigger a strong reversal.
If Dogecoin price can reclaim and hold the psychological $0.1 level, followed by breaking above the R2 Fibonacci pivot level at $0.15, it could ignite a bullish run. Achieving these levels might pave the way for Dogecoin price to reach the $0.2 mark by the end of August 2024. Moreover, if the bullish momentum continues, Dogecoin price could potentially target $0.5 by the end of the year, driven by renewed market confidence and broader crypto market rallies. Nonetheless, investors should be cautious, as Dogecoin price remains susceptible to market fluctuations, and any recovery will likely depend on sustained buying interest and favorable market conditions.
