Dogecoin Price Prediction: DOGE To Reclaim $0.50 But New Tokens Offer Better Entry Points

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The summer fun is on in the crypto market, and it won’t be complete without some meme coin action. Meme tokens experienced a boost in July, largely due to Bitcoin's performance, but many have struggled to maintain those gains.

All but Dogecoin. While the top meme coin has weathered some challenging periods, DOGE is showing signs of recovery. The Dogecoin price prediction is trending upward, though some analysts suggest newer projects may offer more attractive entry points for traders.

There’s one such project poised to launch on Ethereum soon. Keep an eye on it.

Dogecoin Price Prediction: DOGE Price Looks Positive For The Future

Last week, bearish sentiment across the market seemed to be impacting the meme coin sector, weighing down even prominent coins like Dogecoin and Shiba Inu. While Shiba Inu remains in bearish territory, Dogecoin has demonstrated resilience and appears to be breaking out.

The Dogecoin price has surpassed a key resistance level at $0.20, and interest in the token is growing. Data from CoinGlass indicates that Open Interest in DOGE derivatives has risen to $3.38 billion as of Friday morning. Trading volume has also exceeded $6.5 billion, suggesting positive speculation.

This positive momentum is reflected in the Dogecoin price charts, which show a significant spike in the weekly timeframe. DOGE is up by 11.4% in the past week, trading at $0.2286, and current sentiment suggests further gains are possible.

From a technical perspective, Dogecoin’s 50-day EMA has crossed above the 200-day and 100-day EMAs at $0.2075 and $0.2033, respectively. The Relative Strength Index suggests a potential bullish trend for Dogecoin, leading to upward revisions in the Dogecoin price prediction.

But interest in new DeFi projects could present a challenge to Dogecoin reaching a $0.50 valuation.