Dogecoin (DOGE) Price Prediction and Analysis in August 2020 | DOGE Saw a Boost in Price Due to TikTok

We will be looking into some of the past prices and market opinions for the DOGE crypto so that we can launch a Dogecoin price prediction for August 2020.

Dogecoin Overview

Dogecoin (DOGE) is a popular crypto that launched in 2013, based on the image of the Doge meme.

DOGE has a current trading price of $0.003297, with an increase of 1,91% in the last 24 hours. The crypto is ranked at 30th place according to a market cap of $413,881,052, with a circulating supply of 125,528,155,233 DOGE.

$54,784,751 worth of DOGE coins were traded in the last 24-hour period, which is less than the $109,288,629 of last month.

Dogecoin Price Prediction: Analysis

DOGE began July at a price of $0,002320 and traded tightly around the $0.0023 level for the rest week. On July 6^th, Doge managed to climb up to $0.0026 towards the end of the day, closing above the new resistance level. The next day, Dogecoin further escalated to break a new resistance level of $0,003259.

DOGE made an impressive price jump of 50% on July 8^th, hitting a new record value since October 2018. The rally pushed the coin from $0,003097 to $0,005420, but the coin fell back down to $0,004750 during the last hours of the day.

While the next day Dogecoin spiked back to $0.005 levels, the coin corrected itself to $0.0043 by the end of the day. The downward trend continued the following days, as Doge failed to secure itself above the $0.005 level. By July 14^th, Dogecoin had reached $0.003 and dipped below this major support level on July 16^th, reaching a new intra-day low of $0,002893.

On July 18^th, Dogecoin seemed to be making a slight recovery, as it went from an opening price of $0,003060 to a high of $0,003629. The same pattern repeated itself the next day, with a short rally bringing the coin to an intra-day high of $0,003753. The next day, Dogecoin traded between $0.0031 and $0.0034.

The pivot, resistance, and support levels calculated by WalletInvestor are:

• Resistance Level (R3): 0.00346
• Resistance Level (R2): 0.00339
• Resistance Level (R1): 0.00334
• Pivot Point: 0.00327
• Support Level (S1): 0.00322
• Support Level (S2): 0.00315
• Support Level (S3): 0.00310

Developments

Due to a viral TikTok campaign, DOGE saw a huge boost in price and searches. Because of the viral videos on the Chinese social media network, the price of the coin surges more than 50% in 24 hours on July 8^th, and volume increased with more than 2,000%. At that time, DOGE became the 27th in the world by market cap.

There has also been a surge in the number of searches related to Dogecoin.

Most of the trends were related to “#dogecointiktokchallange” and “dogecointiktokchallenge”, with TikTok users posting videos of trading and performance. One user with hundreds of thousands of views asked other viewers to join the rally and propel DOGE to $1.

DOGE reached a price of $0,0056, which is the highest value it reached since October 2018.

But Dogecoin was not too thrilled about this viral exposure. The official @Dogecoin Twitter posted on July 8^th:

“Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.”

Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.

Make choices right for you, do not ride other peoples FOMO or manipulation.

Stay safe. Be smart.

❤️ #dogecoin

— Dogecoin (@dogecoin) July 8, 2020

“Make choices right for you, do not ride other peoples FOMO or manipulation. Stay safe. Be smart.”

There have been no other recent updates or developments related to the Dogecoin project or crypto in the past month.

Dogecoin Price Prediction: Market Opinion for August 2020

There have been several sites that have created their own Dogecoin price prediction for August, and as usual, we decided to include some of them in order to better relay the market sentiment for DOGE.

Cryptoground

Cryptoground‘s Dogecoin price prediction sees the coin at a price of $0.0024  in mid-August, with a decrease of $-24.76%.

Coinpredictor

Coinpredictor estimated that DOGE will have in August a price of $0.002792, with a change of 18.1%.

Digitalcoinprice

Digitalcoinprice’s Dogecoin price prediction for August 2020 suggested an increase of 100.36%, targeting a price of $0.00647596.

Gov.capital

Gov.capital predicted that Dogecoin will start August at a price of $0.00320, with an estimated maximum of $0.00368 and a minimum of $0.00272. The site also issued price predictions for the rest of the days in August.

Altcoinforecast

Altcoinforecast projected that Doge would be trading at $0.003451 at the end of August.

Bitverzo

Bitverzo provided a Dogecoin price prediction for all days of the month of August, as well as their respective minimum and maximum prices.

Cryptorating

Cryptorating expects that Dogecoin will be trading at around $0.003939  in the next month, with a change of +21.72%.

Walletinvestor

Walletinvestor’s Dogecoin price prediction for the first day of August is of $0.00345, with a possible maximum of $0.004067 and a minimum of $0.00282.

Dogecoin Price Prediction: Verdict

This has been our Dogecoin price prediction for August 2020. From the market opinions and current price trajectory, Dogecoin is expected to slightly increase in the coming month, but staying in the range of $0.003 – $0.004.

Featured image: cryptomode.com

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