Dogecoin has been stagnant in price this month, as the entire cryptocurrency market is in a bearish state. However, DOGE active users remain high, recently rising as much as 32%. With the boost in activity around the meme coin, will its price also rise as the month closes out?
According to IntoTheBlock data, Dogecoin has seen a 32% surge in daily active addresses over the last 24 hours. Transactional activity has remained steady around DOGE for a slow year. Multiple crypto experts have been stumped as to why the leading meme coin hasn’t had as big of a growth as rival meme coins SHIB and FLOKI. At press time, the asset is in a precarious position, trading barely over $0.10.
In addition, a recent IntoTheBlock analysis also revealed that most DOGE holders are in a profit. This correlates to why trading activity is up, perhaps indicating holders taking advantage of their profits.
Will Dogecoin Rise at the end Of August?
Also Read: Ripple XRP Can Now Be Used To Buy Gold
Typically, price movement and trading activity go hand in hand when rising. Thus, experts may be optimistic that the price of Dogecoin may jump a bit. The coin is up a slight 1% in 24 hours but is far from the growth that DOGE experts expect. Since this time last year, the asset has increased more than 38% to reach its current $0.106 level. Yet, the asset is facing a bearish outlook. DOGE can be invalidated at $0.13, which notes a critical moment. The asset has to find a way above that. If it does, DOGE could threaten the surge to $1 that so many traders have hoped for.
According to CoinCodex, DOGE may reach the $0.89 price level by August 31st, recording an 11% decline. Similarly, by September 17, the token may further deteriorate, noting a 13% fall in its price. If trading volume and active users remain rising, perhaps DOGE could have a more positive outlook at the end of August.
Credit: Source link
