Dogecoin (DOGE) has advanced from $0.063 to $0.083 since July 12, 2023, and the current price stands at $0.079. Cryptic tweets from Twitter owner Elon Musk fueled the Dogecoin upsurge again, and there is a general opinion that DOGE may soon be used for payments on X (old Twitter).
If DOGE is integrated into X’s payment infrastructure, this cryptocurrency could surge to new record highs, but the overall sentiment on the cryptocurrency market will continue to play a crucial role in Dogecoin’s price trajectory.
But where is the price of Dogecoin (DOGE) going next, and what can we expect from August 2023?
Today, Crypto Lists will discuss Dogecoin (DOGE) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Elon Musk continues to support Dogecoin
- 2 Cryptic tweets fuel speculation
- 3 Dogecoin whales have amassed 3 billion coins over the past three weeks
- 4 Technical analysis for Dogecoin (DOGE)
- 5 Important support & resistance levels for Dogecoin (DOGE)
- 6 What speaks for the rise in the Dogecoin (DOGE) price
- 7 What indicates the downfall of Dogecoin (DOGE)
- 8 What do analysts and experts say?
Elon Musk continues to support Dogecoin
Dogecoin was launched in December 2013 by programmer Billy Markus and marketer Jackson Palmer who created the coin as sort of a joke based on the Doge meme. The interest in this coin began at a time when developers were just beginning to explore the possibilities afforded by Bitcoin’s invention, and to this day, DOGE is still exchanged, predominantly for tipping online content creators or for crowdfunding efforts.
DOGE may be less attractive as an investment because it has a limitless supply, and it is important to say that Dogecoin’s biggest selling point continues to be its robust community of enthusiastic fans.
It is important to say that Dogecoin price skyrocketed in April 2021 primarily due to Elon Musk’s vocal support, but since May 2021, the price of DOGE entered a prolonged long bearish cycle, furthered by the prospects of the Fed tightening and the collapse of multiple leading crypto firms.
Elon Musk continues to support Dogecoin, and the adoption of DOGE may grow if it’s integrated into new products and services of Elon Musk’s companies. The positive information is that Elon Musk recently replaced Twitter’s profile location with “X” and a “D”, with the “X” alluding to Twitter’s new identity and the “D” widely interpreted as a nod to Dogecoin.
Supply: 132,599,996,416 / -2
Release date: December 13, 2013
Description: Buy Dogecoin and support free speech!
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
Cryptic tweets fuel speculation
Cryptic tweets from Twitter owner Elon Musk fueled the Dogecoin upsurge again, and there is a general opinion that DOGE may soon be used for payments on X (old Twitter), given the eccentric billionaire’s infatuation with the meme coin.
In April 2023, Elon Musk already hinted at making DOGE a payment mechanism for Twitter Blue, the site’s subscription service with premium features. His EV maker Tesla already accepts DOGE payments for merch purchases. Musk also teased DOGE payments for his other enterprises, SpaceX and Starlink.
Dogecoin whales have amassed 3 billion coins over the past three weeks
Many crypto analysts say that if DOGE is indeed integrated into X’s payment infrastructure, this cryptocurrency could surge to new record highs.
Another positive information is that there has been a significant increase in the number of transactions on the Dogecoin network this month, and according to the blockchain data firm Santiment, large holders of the meme-inspired cryptocurrency, colloquially known as whales, have amassed 3 billion coins, equivalent to $225 million, over the past three weeks.
When whales increase their trading activity (transactions worth $100,000 and above), it usually indicates that they are getting confidence in the underlying coin’s short-term price prospects. If the whales continue to buy DOGE even more, the price of DOGE could have an even bigger jump in the upcoming weeks, but some investors still see DOGE’s growing circulating supply as a potential barrier to a significant surge.
Popular crypto analyst Kaleo emphasized the importance of being patient with DOGE, noting that the charts continue to indicate positive trends even after a minor correction, and he added:
“In the meantime, Dogecoin cools off a bit and catches up with the blood we’re seeing across the rest of the market. Why? People are impatient, and they want immediate results. Rumors and hope only holds up for so long in a bear market. So, I think it’s a pretty solid move to continue to accumulate on any dips we get from here. The charts continue to look great and should even after a minor correction. Just gotta be a little patient.”
Technical analysis for Dogecoin (DOGE)
Dogecoin (DOGE) has advanced more than 15% since the beginning of July 2023, rising from $0.066 to a high of $0.083. Dogecoin’s current price stands at $0.079, and despite the recent correction, bulls still control the price movement.
Many analysts say that more investors could purchase Dogecoin (DOGE) in the weeks ahead, and as long the price of DOGE is above $0.070, the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for Dogecoin (DOGE)
On this chart (the period from March 2023), I marked important support and resistance levels that can help traders to understand where the price could move. Dogecoin (DOGE) has benefited the most after recent tweets from Twitter owner Elon Musk, and if the price advances again above $0.080, the next target could be resistance that stands at $0.090.
The important support level is $0.070, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.065. If the price drops below $0.060, which represents very strong support, the next target could be located around $0.050.
What speaks for the rise in the Dogecoin (DOGE) price
Elon Musk continues to support Dogecoin, and the positive information is that Elon Musk recently replaced Twitter’s profile location with “X” and a “D”, with the “X” alluding to Twitter’s new identity and the “D” widely interpreted as a nod to Dogecoin. Many crypto analysts say that if DOGE is indeed integrated into X’s payment infrastructure, this cryptocurrency could surge to new record highs.
It is also important to say that Dogecoin whales have amassed 3 billion coins over the past three weeks, which demonstrates renewed interest and confidence in Dogecoin, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks.
However, many crypto analysts say that more investors could purchase DOGE in the weeks ahead, which could lead to further growth. In light of this, DOGE could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.
What indicates the downfall of Dogecoin (DOGE)
Dogecoin (DOGE) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. At the same time, the macroeconomic landscape remains uncertain; major central banks continue aggressively fighting inflation by raising interest rates, and risk-on assets such as cryptocurrencies could suffer even more in such conditions.
The current support level for Dogecoin (DOGE) stands at $0.070, and if the price falls below this level, the next target could be $0.065 or even the strong support that stands at $0.060.
What do analysts and experts say?
Comments from Twitter owner Elon Musk fueled the Dogecoin upsurge again, and many crypto analysts say that the price of this crypto could reach record highs if DOGE is indeed integrated into X’s (old Twitter) payment infrastructure. Positive information is that there has been a significant increase in the number of transactions on the Dogecoin network this month, and Dogecoin whales have amassed 3 billion coins, equivalent to $225 million, over the past three weeks.
This is certainly a positive indicator for Dogecoin, but in the weeks ahead, the overall sentiment on the cryptocurrency market will also play a crucial role in DOGE’s price trajectory. Popular crypto analyst Kaleo emphasized the importance of being patient with DOGE, noting that the charts continue to indicate positive trends even after a minor correction.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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