Dogecoin (DOGE) has been advancing since the beginning of August, rising from a low of $0.065 to a high of $0.091. The current price of Dogecoin (DOGE) stands at $0.068, which is still more than 60% off from its 2022 highs that were registered in January.

But where is the price of Dogecoin (DOGE) going next, and what can we expect from Q3, 2022?

Today, Crypto Lists Ltd will discuss 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 got if trading with leverage.

The amount of DOGE traded over the last several days saw an increase

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 for 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. Elon Musk recently affirmed in an interview that he still supports Dogecoin and said that the only thing hindering this coin from becoming the “official currency of the internet” is its high concentration level among a few rich people. Elon Musk said that DOGE’s transaction capability is higher than that of Bitcoin, and he continues to buy Dogecoin despite the lawsuit that was started against him for promoting DOGE as reportedly a Ponzi scheme.

Rating: 9.17/10
Supply: 132,599,996,416 / -2
Release date: December 13, 2013

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This week, Crypto exchange BlueBit.io, based in St. Vincent and Grenadines and Dubai, has tweeted that it has listed Dogecoin, and the analytics firm Santiment reported that whale activity reached a three-month high on Dogecoin. Market intelligence platform Santiment also said on Twitter that the amount of $100,000+ transactions happening daily indicate that the large transaction frequencies have increased on DOGE’s network. The analytics firm Bitrue reported that Dogecoin’s price might reach $0.14 in the upcoming weeks if the price jumps above the $0.09027 barrier.

The positive news is that the U.S. government reported that inflation may have peaked in July, which increased investor confidence that a bull market could be underway. Riskier assets like stocks and cryptocurrencies ended higher last week as investors hope that the Fed will decide to raise rates by 50 basis points when they meet in September instead of 75 basis points.

Technical analysis for Dogecoin (DOGE)

Dogecoin (DOGE) has been advancing since the beginning of August, rising from a low of $0.065 to a high of $0.091. The current price of Dogecoin (DOGE) stands at $0.078, but a break below the $0.070 level would indicate that DOGE could probably test the support level at $0.060.

On the chart below, I marked the trendline, and as long the price of Dogecoin is below this trendline, we can’t talk about a trend reversal, and the price of DOGE remains in the SELL-ZONE.

Dogecoin bearish trend

Important support & resistance levels for Dogecoin (DOGE)

Dogecoin long term graph

On this chart (the period from December 2021), I marked the important support and resistance levels that can help traders to understand where the price could move. The price of Dogecoin (DOGE) still remains under pressure when we look at a “bigger picture,” but if the price advances above resistance at $0.10, the next target could be around $0.12. The important support level stands at $0.060, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.050. If the price drops below $0.050, which represents very strong support, the next target could be located around $0.040.

What speaks for the rise in the Dogecoin (DOGE) price

Dogecoin (DOGE) has been advancing since the beginning of August, rising from a low of $0.065 to a high of $0.091. The current price of Dogecoin (DOGE) stands at $0.078, and if the price advances above resistance at $0.10, the next target could be around $0.12.

Market intelligence platform Santiment said on Twitter that the amount of $100,000+ transactions happening daily indicate that the large transaction frequencies have increased on DOGE’s network. The analytics firm Bitrue reported that Dogecoin’s price might reach $0.14 in the upcoming weeks if the price jumps above the $0.09027 barrier.

What indicates the downfall for Dogecoin (DOGE)

Dogecoin has advanced above $0.090 level this Tuesday; still, traders should have in mind that the price can easily return to the levels reached in mid-June. If the price drops below $0.060, which represents an important support level, the next target could be located around $0.050 or even below.


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The price of Dogecoin is also correlated with the price of Bitcoin, and when the price of Bitcoin drops, that usually has a negative influence on the price of DOGE.

Dogecoin (DOGE) price expectations from analysts and experts

DOGE may be less attractive as an investment because it has a limitless supply, but it continues to be most often used in online tipping over social networks like Reddit, where DOGE is exchanged between peers and content creators. Elon Musk recently affirmed in an interview that he still supports Dogecoin and said that the only thing hindering this coin from becoming the “official currency of the internet” is its high concentration level among a few rich people. Elon Musk said that DOGE’s transaction capability is higher than that of Bitcoin, and he continues to buy Dogecoin despite the lawsuit that was started against him for promoting DOGE as reportedly a Ponzi scheme. This week, Crypto exchange BlueBit.io, based in St. Vincent and Grenadines and Dubai, has tweeted that it has listed Dogecoin, and the analytics firm Santiment reported that whale activity had reached a three-month high on Dogecoin. The analytics firm Bitrue reported that if Dogecoin breaks the barrier at $0.090 and holds the price, traders and enthusiasts may eye the further growth of their favorite coin.

 

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