Dogecoin

bullish

Spike

<ul> 
 <li>An analyst predicts that Dogecoin could rise fivefold from its current price to establish new support at $0.6.&nbsp;</li> 
</ul> 
<ul> 
 <li>Interest in the meme coin reaches a new height, recording its highest count in a 30-day timeframe.&nbsp;</li> 
</ul> 
<a href="https://www.crypto-news-flash.com/what-is-dogecoin-doge-the-fun-crypto-currency/" target="_blank" rel="noopener">Dogecoin (DOGE)</a> makes a 24-hour comeback with a bullish surge of 4.9% and an upsurge of 0.54% in the last seven days to trade at $0.10. Retaining its dominance in the meme category, the dog-themed coin recorded an incredible surge of 54% in its 24-hour <a href="https://www.crypto-news-flash.com/dogecoin-core-1-14-8-update-nears-major-progress-in-reproducibility/" target="_blank" rel="noopener">trading</a> volume, with $622 million changing hands.&nbsp; 

<div class="cryptoboxes" id="mcw-630826" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="dogecoin" data-symbol="DOGE" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div> 
Aligning to this, IntoTheBlock data also discloses that there has been an increased activity of active addresses. With this, DOGE addresses involved in transactions in a given day are reported to have surged to 55,440 over the weekend. This represents an increment of 32% of the 42,000 recorded in the previous day.&nbsp; 
Within a 30-day time frame, this is the highest count recorded. In addition to this, the number of new DOGE addresses created has increased by 11.41% from the previous week. 
<a href="https://www.mitrade.com/insights/news/live-news/article-3-316781-20240820#:~:text=Dogecoin%20Sees%2032%25%20Spike%20In%20Active%20Addresses,created%20on%20the%20DOGE%20blockchain" target="_blank" rel="nofollow noopener">Analysts say</a>&nbsp;this indicates a growing interest and participation in the Dogecoin network.&nbsp; 
Our further analysis of IntoTheBlock’s data reveals that the past seven days have witnessed a cumulative negative net flow of $14.5 million worth of DOGE on exchanges. This is positive for DOGE’s value proposition as it indicates the large transfer of assets from exchanges to private wallets for long-term storage.&nbsp; 
The meme coin saw a notable shift in its stock-to-flow ratio between August 18 and August 19, jumping to an all-time high of 69.25. This indicator measures the scarcity of crypto amid the rising demand. Based on the current reading, DOGE is experiencing a sudden supply squeeze, hinting at a positive price increase in the future.&nbsp; 
<h3 id="span-style-font-weight-400-dogecoin-price-analysis-span">Dogecoin Price Analysis&nbsp;</h3> 
On technical grounds, Dogecoin has been tipped to hit $1, fueled by market indicators and technical factors. According to crypto analyst Cryptorphic, DOGE has been trading within a long-term accumulation channel since February 2021. Interestingly, the asset broke out of this range in February 2024 as it retested this crucial level. Backing his prediction with a chart featuring the price behavior from 2021 to 2025, Cryptorphic pointed out a strong weekly Doji candle, indicating massive buying pressure.&nbsp; 
According to the analyst, the meme coin is currently trading above the 200-day Exponential Moving Average (EMA), while its Relative Strength Index (RSI) is in the overbought zone with a reading of 45. Regardless of these bullish indicators, the analyst believes that if the market fails to move from bearish to bullish, it could drop 40% to $0.055 and $0.0628. This coincides with our recent <a href="https://www.crypto-news-flash.com/dogecoin-analyst-predicts-drop-below-7-cents-before-potential-surge-to-1-doge/" target="_blank" rel="noopener">report</a> on CryptoKaleo’s prediction that DOGE could decline to below $0.07.&nbsp; 
However, Cryptorphic also believes that a full dominance of buyers could push the price by at least five times from the current level to a new support at $0.6.&nbsp; 
<blockquote>
 DOGE is in a downtrend on the weekly timeframe. The price has broken below the blue box, which was a key support, and it’s now acting as resistance. If the market doesn’t shift from bearish to bullish, DOGE will likely drop toward the support trendline between $0.055 and $0.0628, a 38%-40% decline from the current price. To avoid this drop, the market needs a strong rebound. Key levels: Resistance: $0.104-$0.118. Support (Accumulation): $0.6243. Long-term Target: 5x-10x.
</blockquote> 
&nbsp;

Dogecoin Sees 32% Spike in Key Metric: Is a DOGE Price Surge Ahead?

Table of Contents

Crypto News Flash

Other articles published on Aug 20, 2024

Jetbolt Presale: Is This the Next Big Coin?

Ethereum Sees Surge in On-Chain Activity as Institutional Investment Soars

ArkeFi and the Barker Price Announce Strategic Collaboration to Develop First-Ever Fractional Own...

Crypto Market Adds $65 Billion In The Last 24 Hours, Bitcoin Reclaims $61K, Ethereum Hits $2.7K!

The Democrats are ignoring crypto — is that a good thing?

Coinbase Teases cbBTC on Base Network, Potential Rival to Wrapped Bitcoin

Join our free newsletter for daily crypto updates!