Today we will be analyzing charts and price data in order to formulate Dogecoin (DOGE) price prediction for August 2019.
The Dogecoin crypto was forked from Litecoin in Dec 2013, and its logo is based on the “Doge” Internet meme which features a Shiba Inu.
Dogecoin has mostly been used to make tips on Reddit and Twitter for rewarding content creators and also encourage the sharing of quality content.
Dogecoin was developed by Oregon native Billy Markus and Australian Jackson Palmer
Dogecoin is currently trading at $0.002673 USD, with an increase of 0.51% for the day. The ROI for the coin is calculated at 378.33%. DOGE is currently ranked at 29th position according to a market cap of $323,249,756 USD. The 24 Hour Volume was recorded at $22,951,387 USD.
There are currently 120,939,931,408 DOGE in circulation out of a total supply of 120,939,931,408 DOGE.
The highest value for the coin recorded in the past 7 days was of $0.002899 USD, with $0.002614 USD being the lowest value.
Dogecoin Price prediction: Analysis
Dogecoin started the month with $0.002902. The next day it saw an increase which led it to 0.002937, but it closed the day at $0.02904.
On 5th August at 19:30 UTC, the price of Dogecoin experienced an increase of 20.13%, passing the $0.0030 resistance level and reaching a trading value of $0.003190. This was followed by a correction in the following days, and the coin struggled to get back to the $0.0030 resistance level in the next week. Dogecoin then hovered around the $0.028 the following week, and on August 15th the coin dipped to $0.002709 and closed the day at $0.002641.
On August 24th, Dogecoin recorded a downtrend of over 7% within a day going from $0.0027 to a price of $0.0025 as on August 25, 2019, at 06:02:37 UTC. The was expected to end the day at $0.0027, but it continued its uptrend and closed the day at $0.002833.
The charts on the 26th of August clearly show that the market is right overwhelmed not by buyers but sellers. It is obvious that the market is closing in on the $0.0028 price, and in terms of support levels, the prices are in the range of $0.0026 and $0.0025.
Should the DOGE/USD get past the $0.0029 resistance level, the coin might have new support levels at $0.003, $0.0031 and $0.0032, and trying the August 5 high once again.
DOGE currently appears to be in a slight bullish zone. However, things are also slightly leaning towards a bearish tendency as well.
The price of Dogecoin is hovering between the $0.0025 and $0.0035 levels. At the high end of the price, the market tried to break the high price in four instances but failed to surpass the overhead resistance. The market then dipped to $0.0027 and started a range bound move above it.
It is important to keep in mind that as the RSI is rather close to the bottom due to the recent price drops, it clearly shows that most traders are selling their DOGE funds instead of buying.
The current support and resistance levels for Dogecoin are the following:
- Resistance Level (R3): 0.003081
- Resistance Level (R2): 0.00299
- Resistance Level (R1): 0.00285
- Pivot Point: 0.00275
- Support Level (S1): 0.00262
- Support Level (S2): 0.00252
- Support Level (S3): 0.00239
Market Predictions for Dogecoin Price August
Digital Coin Price
The site predicted that the highest value for August will be around $0.00421841 USD. This is a very optimistic prediction, but based on the current charts, it is very unlikely DOGE will pass the $0.004 level.
On August 2019 Dogecoin Previsionbitcoin predicts that the coin will see a major boost its price. “We assume as high predictable a mass adoption of this cryptocurrency next months. We expect on August 2019 a Dogecoin rise with a strong capitalization and consequently a concrete value per coin increase.” They expect the price of the coin for August to reach $0.00379149.
The site predicts that the month of August will end with Dogecoin trading at $0.00259. they anticipate the maximum price will be $0.0026159, and the minimum one will be recorded at $0.0025641.
CoinPredictor calculated the price evolution for Dogecoin:
“At this moment in time the Dogecoin price prediction algorithm is computing that tomorrow DOGE price will be -1.4% making its way to $0.002647, in 7 days -8.5% moving to $0.002457, in one month +18.6% targeting $0.003184 and in 3 months +22.7% moving towards $0.003294.”
Judging by the market opinion and past charts, Dogecoin does not seem to promise significant gains for the end of August. The most optimistic prediction is that the coin will close the month at $0.003 levels, while the conservative forecast is that the coin will end the month at $0.0025.
Featured Image: infomoney.com.br