Bullish Breakout! Dogecoin Price Prediction August 2024 appeared first on Coinpedia Fintech News.
On August 24, 2024, the world’s largest meme coin, Dogecoin (DOGE), gained immense attention from investors and traders after a consolidation breakout. Over the past 18 days, DOGE has been trading in a narrow range between $0.094 and $0.108.
Dogecoin Breaks Out Strongly
But it took a big hit when Jerome Powell announced that a rate cut was possible.
DOGE Price Prediction
With this breakout, the outlook for DOGE has turned bullish despite it trading below the 200 EMA on the daily time frame. According to expert technical analysis, there is a high possibility that DOGE will surge by more than 15% in the coming days to the $0.13 level or even higher.
However, another crypto expert posted on X (formerly Twitter) that the DOGE meme coin is moving into phase 3 of the bull cycle and is undergoing a consolidation along the trend line. This is very similar to phase 1 and phase 2. Also, whenever these consolidations occur along the trend line, the price of DOGE tends to surge significantly and this time DOGE could go up to $2 or $4.50 levels.
DOGE’s Rising Open Interest and Price Analysis
At the time of writing, DOGE is trading near $0.113 and has seen a price surge of over 8% in the last 24 hours. Meanwhile, volume has increased by 70% over the same period, indicating increased trader participation due to the recent breakout and Powell’s announcement of a Fed rate cut.
DOGE’s open interest, on the other hand, has increased by 9% over the past 24 hours and continues to grow, according to on-chain analytics firm CoinGlass. This increase in open interest suggests increasing interest from traders and investors.
Excluding DOGE, the overall cryptocurrency market is up 4.6% over the past 24 hours. However, major assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) have experienced notable price increases of 5.6%, 5.3%, 5%, and 5% respectively over the past 24 hours.