DOGE Price Prediction: Key Highlights
1. Primary support and resistance levels
- On the weekly time frame 0.060 USD was the lowest support for the token.
- In the meantime, 0.341 USD is probably the highest resistance for DOGE.
2. Market sentiment
- In August 2024, DOGE is in a bearish Market.
3. Predictive forecasts
- Based on our AI/ML prediction algorithms, the average price of DOGE is expected to exceed 1 dollar in 2032 and $2 in 2035.
Discover important insights about DOGE about a comprehensive weekly technical analysis followed by predictions for the coming days of the month, the following months and yearly forecast tables derived from our AI/ML-based prediction models:
DOGE Technical Analysis: Is the Downtrend Nearing an End?
Over the past year, DOGE has shown significant volatility, characterized by Rallies And correctionsThe recent market decline requires a closer look at the Dogecoin Price forecast in 2024.
The analysis began with the rejection of the token at 0.077 USD and reaches the lowest point of the 0.060 USD until mid-August. This level was temporarily undercut in October. Nevertheless, a remarkable reversal came later in the month when bulls regained control. This momentum allowed buyers to push the price higher, surpassing the previous price in mid-November.
The rise of the memecoin was halted in December after it decisively failed to 0.099€This led to a retreat to 0.077 USD until January. The bulls maintained this support for over a month, preventing further declines. Bullish In the following month, momentum increased and significant buying pressure emerged.
These efforts resulted in a significant price increase by the end of February, pushing the asset above its previous level. At the beginning of March, DOGE 0.140 USD while they encounter resistance from 0.198 USD.
Towards the end of the month, the bulls briefly surpassed this high resistance level. However, at the beginning of April, DOGE experienced a downturn and fell below 0.166 USDThe price then fluctuated between this new resistance and 0.140 USDAMBCrypto highlighted DOGE’s robust performance in May, noting its double-digit growth. Despite this, the month ended weaker, with the weekly chart closing in the red.
This pessimism continued in June. bearish breakdown compromised 0.140 USD until mid-month, with DOGE returning to 0.099€ until July. A rally attempt in mid-month was stifled at the former support turned resistance and led back to the latter base. As the analysis showed, it was valued at 0.101 USD.
Despite the declines, AMBCrypto recently reported that many analysts cite DOGE’s historical cycles as evidence of a predictable pattern for recovery. One of them suggested that the memecoin could recover by going up 400%which reflects the performance of 2020. Another report suggested that the recent lows likely represent the bottom of this cycle, with DOGE not expected to return to the $0.07–$0.06 Reach.
Meanwhile, AMBCrypto’s analysis of the liquidation heatmap indicated that liquidations increased by 0.137 USDTherefore, DOGE could initially target this level in an upward move. A strong bull run in Q3 2024 could take DOGE back to its yearly high.
If it manages to surpass this level and maintain the rally, the memecoin will reach 0.283 USD be a realistic possibility this year. 0.341 USD may present some challenges before DOGE reaches further highs.
Conversely, if the bearish trends continue, the resilience of the current support will be tested. Given the market trend 0.077 USD will probably be retested as support.
Our prediction models predict a gradual increase in the DOGE price with an average trading value of over 1 dollar by 2032. By 2035, this value will increase slightly and reach an average price of around $2.
DOGE Roadmap 2024: Key Indicators to Watch and Act on
- Last year’s price increases were supported by an increase in Trading volumeespecially from the end of February. However, volumes decreased as prices fell, indicating investor caution.
- The Directional movement index (DMI) showed the The +DI line fell below the -DI line as the token reached its lowest support level, with the ADX line remaining below both. As of Q4 2023, both the +DI and ADX rose while the -DI declined and fell below the former.
- Until mid-November ADX exceeded the -DIand in January 2024 it also surpassed the +DI. Although the ADX briefly fell below the +DI It recovered quickly from late February to mid-March. However, the +DI and ADX lines declined from late March and April respectively, while the -DI rose and finally surpassed the +DI in mid-June.
- After a brief decline among the latter, the -DI proved to be dominant in August. The last recorded values were the ADX at 23.1038+DI at 17.2266and -DI at 26.0603The positions showed a prominent Downward trend.
- The Bollinger Bands initially remained contracted and the price fell below the 20-week mark Moving average (MA) Mid-August. End of October 20 employees became support, with the price candles often reaching the upper band from November to December, which triggered an expansion.
- This expansion intensified when the price rose above the upper limit several times from late February to April. This overbought Conditions led to a correctionThe price candles fell below the upper band in early April and below the 20 MA in mid-June. The frequent contact of the candles with the lower band reflected the significant selling pressure in the market.
