The price of Dogecoin (DOGE) has been fluctuating over the last several weeks, impacted by the sentiment of the larger cryptocurrency market; yet, investors have not backed away from the meme coin as it finds not only support but also new holders, which could soon benefit its price.
In the last two months, the price of Dogecoin has decreased by around 15%, falling from $0.082 to $0.068. Meanwhile, the number of new daily DOGE addresses ‘surged by 265%,’ going from 14,470 to 38,430 new addresses per day, according to a tweet by crypto trading expert Ali Martinez on July 29.
“The increasing network growth is a positive sign, which could soon be reflected in #DOGE price,” Martinez added.
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Dogecoin builds a substantial support level
Furthermore, based on the transaction history, substantial support for Dogecoin was established at around $0.068, when 78,250 addresses acquired over 44 billion DOGE.
Dogecoin will have a decent chance of advancing to $0.080 if this level continues to hold based on the in/out money around price (IOMAP) chart; Martinez said:
“If this level continues to hold, $DOGE will have a good chance of rising to $0.080 as @intotheblock’s IOMAP shows little to no resistance ahead.”
DOGE price prediction
Interestingly, the community over at CoinMarketCap has made forecasts stating that the meme token will have a positive month but will not reach the $0.1 key psychological threshold since they have predicted that the average price will be $0.09 by August 31, 2022.
With this prediction, the community votes projected that Dogecoin’s price on July 28 would increase by 46.19% or $0.03033 from its value.
Long-term price estimates by a consensus of 33 crypto and Web3 fintech sector professionals envision the token’s price trading at $0.16 by the end of the year at a reasonable distance from the $1 critical psychological level.
Dogecoin’s price at press time sees the asset trading at $0.06589, up 4.40% on the day, although down 2.11% in the last week, with meme coin ranked in the top 10 cryptocurrencies by market cap.
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