DOGE News: Will Dogecoin Reach $1 in August?

Dogecoin, the popular and fun cryptocurrency, has captured the attention of many. As we head into August, there’s a lot of excitement and speculation about whether Dogecoin will reach the $1 mark. With increasing interest from investors and positive market trends, the big question is: Will Dogecoin Reach $1 in August?

How has the Dogecoin Price Moved Recently?

DOGE/USD Daily Chart- TradingView 

Dogecoin is currently priced at $0.116777 with a 24-hour trading volume of $54.01 billion, a market cap of $16.87 billion, and a market dominance of 0.73%. The DOGE price has dropped by 3.20% in the past 24 hours.

Dogecoin hit its highest price of $0.738595 on May 8, 2021. Its lowest price was $0.00008547 on May 7, 2015. Since its all-time high, the lowest price Dogecoin has reached is $0.049701 (cycle low), and the highest price since then is $0.227362 (cycle high). Currently, the price prediction sentiment for Dogecoin is bearish, with the Fear & Greed Index at 57 (Greed).

Dogecoin has a circulating supply of 144.46 billion DOGE. The yearly supply inflation rate is 2.90%, which means 4.08 billion DOGE were created in the past year.

Will Dogecoin Price Rise?

The prospects for a rise in Dogecoin's price seem uncertain when examining current market data. According to IntoTheBlock, a substantial volume of sell orders—totaling over 730 million DOGE—has been placed on exchanges at an average price of $0.12. 

This sell wall, valued at roughly $92 million, indicates a strong selling pressure. Conversely, buy orders amount to only 380 trillion DOGE, pointing to an oversupply of around 2.5 trillion DOGE in the market.

This significant imbalance between supply and demand could put additional downward pressure on Dogecoin's price. The excess supply might prompt short-term sellers to reduce their asking prices to expedite the sale of their DOGE holdings, aiming to reallocate their investments into more profitable cryptocurrencies. 

In light of these factors, the near-term outlook for Dogecoin suggests a challenging environment for price increases, with market sentiment leaning towards a bearish trend unless significant changes occur in the market dynamics.

How high can Dogecoin Price go?

Crypto analyst Javon Marks recently pointed out a significant pattern on the Dogecoin chart, suggesting that a Log Breakout might be imminent. Historically, these breakouts have led to substantial price increases for Dogecoin. 

During the 2017-2018 bull market, a Log Breakout propelled DOGE by an impressive 9,472%, raising its price from $0.0002 to $0.01858. In the 2020-2021 bull market, another Log Breakout triggered an even larger rally of 28,882%, with the price climbing from $0.0012 to nearly $0.74.

Considering these past occurrences, Marks is optimistic about Dogecoin's potential for another major surge. If history repeats itself, the upcoming Log Breakout could result in significant gains, potentially pushing DOGE to new heights. 

Although exact predictions are uncertain, the historical trend suggests a strong possibility of exponential growth. Investors should be aware of the volatile nature of the cryptocurrency market and keep a close watch on emerging trends and data.

Will Dogecoin Reach $1 in August?

Assessing whether Dogecoin will hit $1 in August involves examining a mix of recent performance, market dynamics, and historical trends. Over the past year, Dogecoin's price has increased by 57%, outperforming half of the top 100 crypto assets, showcasing its resilience and strong market presence. However, it has underperformed compared to Bitcoin and Ethereum, indicating room for growth in a competitive landscape.

Despite its high liquidity due to a substantial market cap, Dogecoin is trading below the 200-day simple moving average, signaling a potential bearish trend. 

Additionally, it's worth noting that DOGE is overbought, which may lead to a price correction soon. The fact that Dogecoin has only experienced 13 green days in the past 30 days (43%) adds to this cautious outlook.

Historically, Dogecoin has shown remarkable surges during Log Breakouts, with past rallies seeing gains of 9,472% and 28,882%. 

However, it's currently down 84% from its all-time high of nearly $0.74. The ongoing yearly inflation rate of 2.90% also introduces a steady supply increase, potentially affecting upward price momentum.

Given these factors, while Dogecoin has demonstrated strong potential and resilience, reaching $1 by August seems challenging. The imbalance between supply and demand, recent overbought status, and trading below the 200-day moving average suggest a cautious short-term outlook. A significant breakout event could alter this trajectory, but as it stands, a $1 price target by August appears optimistic.