In the last two months, the price of Dogecoin has decreased by around 15%, falling from $0.082 to $0.068. Meanwhile, the number of new daily DOGE addresses ‘surged by 265%,’ going from 14,470 to 38,430 new addresses per day, according to a tweet by crypto trading expert Ali Martinez on July 29.
Dogecoin builds a substantial support level
Furthermore, based on the transaction history, substantial support for Dogecoin was established at around $0.068, when 78,250 addresses acquired over 44 billion DOGE. Dogecoin will have a decent chance of advancing to $0.080 if this level continues to hold based on the in/out money around price (IOMAP) chart; Martinez said:
DOGE price prediction
Interestingly, the community over at CoinMarketCap has made forecasts stating that the meme token will have a positive month but will not reach the $0.1 key psychological threshold since they have predicted that the average price will be $0.09 by August 31, 2022. With this prediction, the community votes projected that Dogecoin’s price on July 28 would increase by 46.19% or $0.03033 from its value. Long-term price estimates by a consensus of 33 crypto and Web3 fintech sector professionals envision the token’s price trading at $0.16 by the end of the year at a reasonable distance from the $1 critical psychological level. Dogecoin’s price at press time sees the asset trading at $0.06589, up 4.40% on the day, although down 2.11% in the last week, with meme coin ranked in the top 10 cryptocurrencies by market cap. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
