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- An analyst predicts that Dogecoin could rise fivefold from its current price to establish new support at $0.6.
- Interest in the meme coin reaches a new height, recording its highest count in a 30-day timeframe.
Dogecoin (DOGE) 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 trading volume, with $622 million changing hands.
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.
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.
Analysts say this indicates a growing interest and participation in the Dogecoin network.
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.
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.
Dogecoin Price Analysis
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.
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 report on CryptoKaleo’s prediction that DOGE could decline to below $0.07.
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.
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.
