Dogecoin (DOGE) Price Prediction and Analysis in August 2020 | DOGE Saw a Boost in Price Due to TikTok
We will be looking into some of the past prices and market opinions for the DOGE crypto so that we can launch a Dogecoin price prediction for August 2020.
Dogecoin (DOGE) is a popular crypto that launched in 2013, based on the image of the Doge meme.
DOGE has a current trading price of $0.003297, with an increase of 1,91% in the last 24 hours. The crypto is ranked at 30th place according to a market cap of $413,881,052, with a circulating supply of 125,528,155,233 DOGE.
$54,784,751 worth of DOGE coins were traded in the last 24-hour period, which is less than the $109,288,629 of last month.
Dogecoin Price Prediction: Analysis
DOGE began July at a price of $0,002320 and traded tightly around the $0.0023 level for the rest week. On July 6th, Doge managed to climb up to $0.0026 towards the end of the day, closing above the new resistance level. The next day, Dogecoin further escalated to break a new resistance level of $0,003259.
DOGE made an impressive price jump of 50% on July 8th, hitting a new record value since October 2018. The rally pushed the coin from $0,003097 to $0,005420, but the coin fell back down to $0,004750 during the last hours of the day.
While the next day Dogecoin spiked back to $0.005 levels, the coin corrected itself to $0.0043 by the end of the day. The downward trend continued the following days, as Doge failed to secure itself above the $0.005 level. By July 14th, Dogecoin had reached $0.003 and dipped below this major support level on July 16th, reaching a new intra-day low of $0,002893.
On July 18th, Dogecoin seemed to be making a slight recovery, as it went from an opening price of $0,003060 to a high of $0,003629. The same pattern repeated itself the next day, with a short rally bringing the coin to an intra-day high of $0,003753. The next day, Dogecoin traded between $0.0031 and $0.0034.
The pivot, resistance, and support levels calculated by WalletInvestor are:
- Resistance Level (R3): 0.00346
- Resistance Level (R2): 0.00339
- Resistance Level (R1): 0.00334
- Pivot Point: 0.00327
- Support Level (S1): 0.00322
- Support Level (S2): 0.00315
- Support Level (S3): 0.00310
Due to a viral TikTok campaign, DOGE saw a huge boost in price and searches. Because of the viral videos on the Chinese social media network, the price of the coin surges more than 50% in 24 hours on July 8th, and volume increased with more than 2,000%. At that time, DOGE became the 27th in the world by market cap.
There has also been a surge in the number of searches related to Dogecoin.
Most of the trends were related to “#dogecointiktokchallange” and “dogecointiktokchallenge”, with TikTok users posting videos of trading and performance. One user with hundreds of thousands of views asked other viewers to join the rally and propel DOGE to $1.
DOGE reached a price of $0,0056, which is the highest value it reached since October 2018.
But Dogecoin was not too thrilled about this viral exposure. The official @Dogecoin Twitter posted on July 8th:
“Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.”
Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.
Make choices right for you, do not ride other peoples FOMO or manipulation.
Stay safe. Be smart.
— Dogecoin (@dogecoin) July 8, 2020
“Make choices right for you, do not ride other peoples FOMO or manipulation. Stay safe. Be smart.”
There have been no other recent updates or developments related to the Dogecoin project or crypto in the past month.
Dogecoin Price Prediction: Market Opinion for August 2020
There have been several sites that have created their own Dogecoin price prediction for August, and as usual, we decided to include some of them in order to better relay the market sentiment for DOGE.
Cryptoground‘s Dogecoin price prediction sees the coin at a price of $0.0024 in mid-August, with a decrease of $-24.76%.
Coinpredictor estimated that DOGE will have in August a price of $0.002792, with a change of 18.1%.
Digitalcoinprice’s Dogecoin price prediction for August 2020 suggested an increase of 100.36%, targeting a price of $0.00647596.
Gov.capital predicted that Dogecoin will start August at a price of $0.00320, with an estimated maximum of $0.00368 and a minimum of $0.00272. The site also issued price predictions for the rest of the days in August.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 August 01, Saturday||0.00320||0.00272||0.00368|
|2020 August 02, Sunday||0.00322||0.002737||0.003703|
|2020 August 03, Monday||0.00320||0.00272||0.00368|
|2020 August 04, Tuesday||0.00315||0.0026775||0.0036225|
|2020 August 05, Wednesday||0.00320||0.00272||0.00368|
|2020 August 06, Thursday||0.00318||0.002703||0.003657|
|2020 August 07, Friday||0.00313||0.0026605||0.0035995|
|2020 August 08, Saturday||0.003081||0.00261885||0.00354315|
|2020 August 09, Sunday||0.003047||0.00258995||0.00350405|
|2020 August 10, Monday||0.003060||0.002601||0.003519|
|2020 August 11, Tuesday||0.0030065||0.002555525||0.003457475|
|2020 August 12, Wednesday||0.003020||0.002567||0.003473|
|2020 August 13, Thursday||0.003032||0.0025772||0.0034868|
|2020 August 14, Friday||0.00292||0.002482||0.003358|
|2020 August 15, Saturday||0.00298||0.002533||0.003427|
|2020 August 16, Sunday||0.00296||0.002516||0.003404|
|2020 August 17, Monday||0.0030023||0.002551955||0.003452645|
|2020 August 18, Tuesday||0.003011||0.00255935||0.00346265|
|2020 August 19, Wednesday||0.003041||0.00258485||0.00349715|
|2020 August 20, Thursday||0.003040||0.002584||0.003496|
|2020 August 21, Friday||0.00298||0.002533||0.003427|
|2020 August 22, Saturday||0.003052||0.0025942||0.0035098|
|2020 August 23, Sunday||0.003027||0.00257295||0.00348105|
|2020 August 24, Monday||0.003025||0.00257125||0.00347875|
|2020 August 25, Tuesday||0.003035||0.00257975||0.00349025|
|2020 August 26, Wednesday||0.003016||0.0025636||0.0034684|
|2020 August 27, Thursday||0.00300||0.00255||0.00345|
|2020 August 28, Friday||0.00299||0.0025415||0.0034385|
|2020 August 29, Saturday||0.003060||0.002601||0.003519|
|2020 August 30, Sunday||0.00320||0.00272||0.00368|
|2020 August 31, Monday||0.00368||0.003128||0.004232|
Altcoinforecast projected that Doge would be trading at $0.003451 at the end of August.
Bitverzo provided a Dogecoin price prediction for all days of the month of August, as well as their respective minimum and maximum prices.
|Saturday, August 1, 2020||-0.000306||-0.003397||0.002817|
|Sunday, August 2, 2020||-0.000331||-0.003147||0.002818|
|Monday, August 3, 2020||-0.000356||-0.003441||0.002626|
|Tuesday, August 4, 2020||-0.000394||-0.003322||0.002863|
|Wednesday, August 5, 2020||-0.000418||-0.003565||0.002442|
|Thursday, August 6, 2020||-0.000418||-0.003466||0.002642|
|Friday, August 7, 2020||-0.000417||-0.003414||0.002805|
|Saturday, August 8, 2020||-0.000427||-0.003321||0.002500|
|Sunday, August 9, 2020||-0.000449||-0.003605||0.002562|
|Monday, August 10, 2020||-0.000468||-0.003458||0.002525|
|Tuesday, August 11, 2020||-0.000498||-0.003415||0.002671|
|Wednesday, August 12, 2020||-0.000511||-0.003525||0.002525|
|Thursday, August 13, 2020||-0.000499||-0.003522||0.002496|
|Friday, August 14, 2020||-0.000484||-0.003442||0.002566|
|Saturday, August 15, 2020||-0.000479||-0.003792||0.002616|
|Sunday, August 16, 2020||-0.000483||-0.003705||0.002367|
|Monday, August 17, 2020||-0.000483||-0.003425||0.002496|
|Tuesday, August 18, 2020||-0.000493||-0.003625||0.002660|
|Wednesday, August 19, 2020||-0.000485||-0.003472||0.002439|
|Thursday, August 20, 2020||-0.000452||-0.003405||0.002642|
|Friday, August 21, 2020||-0.000414||-0.003550||0.002685|
|Saturday, August 22, 2020||-0.000387||-0.003507||0.002730|
|Sunday, August 23, 2020||-0.000369||-0.003584||0.002514|
|Monday, August 24, 2020||-0.000347||-0.003304||0.002850|
|Tuesday, August 25, 2020||-0.000337||-0.003589||0.002703|
|Wednesday, August 26, 2020||-0.000310||-0.003325||0.002670|
|Thursday, August 27, 2020||-0.000259||-0.003413||0.002966|
|Friday, August 28, 2020||-0.000205||-0.003224||0.002633|
|Saturday, August 29, 2020||-0.000164||-0.003205||0.002766|
|Sunday, August 30, 2020||-0.000134||-0.003263||0.003133|
|Monday, August 31, 2020||-0.000103||-0.003331||0.002907|
Cryptorating expects that Dogecoin will be trading at around $0.003939 in the next month, with a change of +21.72%.
Walletinvestor’s Dogecoin price prediction for the first day of August is of $0.00345, with a possible maximum of $0.004067 and a minimum of $0.00282.
Dogecoin Price Prediction: Verdict
This has been our Dogecoin price prediction for August 2020. From the market opinions and current price trajectory, Dogecoin is expected to slightly increase in the coming month, but staying in the range of $0.003 – $0.004.
Featured image: cryptomode.com