Dogecoin (DOGE) is one of the most popular and controversial cryptocurrencies in the market. It started as a joke in 2013, inspired by a meme featuring a Shiba Inu dog, but it soon gained a loyal fan base and a massive market capitalization. Dogecoin has been known for its volatility, its community-driven culture, and its frequent endorsements by celebrities like Elon Musk, Mark Cuban, and Snoop Dogg.
But what is the future of Dogecoin? Will it ever reach $1, as many of its supporters hope? Or will it crash to zero, as some of its critics predict? In this article, we will explore the Dogecoin price prediction for August 20, 2023, based on the current trends, the technical analysis, and the expert opinions.
Dogecoin Current Price and Trends
As of August 20, 2023, Dogecoin is trading at $0.0638 USD, according to CoinMarketCap. It has a market capitalization of $8.9 billion USD, making it the eighth-largest cryptocurrency by market cap. It has a circulating supply of 140.66 billion DOGE and an unlimited maximum supply.
Dogecoin has had a roller-coaster ride in 2023, reaching an all-time high of $0.7376 USD on May 8, 2023, after Elon Musk’s appearance on Saturday Night Live. However, it soon plummeted to $0.2244 USD on May 19, 2023, amid a broader market crash. Since then, it has been trading in a range between $0.06 and $0.08 USD, with occasional spikes and dips.
Some of the factors that have influenced Dogecoin’s price movements in 2023 include:
- The social media buzz and the celebrity endorsements that have boosted its popularity and demand.
- The development updates and the network improvements that have enhanced its functionality and security.
- The competition from other meme coins and alternative cryptocurrencies that have challenged its market share and relevance.
- The regulatory uncertainty and the legal risks that have created doubts and fears among investors.
Dogecoin Technical Analysis
To get a better sense of Dogecoin’s price direction for August 20, 2023, we can use some technical analysis tools to examine its price patterns, trends, and indicators. We will use TradingView as our source of data and charts.
One of the tools we can use is the moving average (MA), which is a line that shows the average price of an asset over a given period of time. It can help us identify the support and resistance levels, as well as the overall trend direction. There are different types of MAs, such as simple moving average (SMA), exponential moving average (EMA), and weighted moving average (WMA).
For this analysis, we will use the EMA (10), EMA (20), EMA (50), EMA (100), and EMA (200) on the daily chart of DOGE/USD. These MAs represent the average price of Dogecoin over the past 10, 20, 50, 100, and 200 days respectively.
As we can see from the chart below, Dogecoin is currently trading below all of these MAs, which indicates a strong downtrend. The MAs are also acting as resistance levels, preventing Dogecoin from breaking above them. The EMA (10) is the closest resistance level at $0.0635 USD, followed by the EMA (20) at $0.0659 USD, the EMA (50) at $0.0693 USD, the EMA (100) at $0.0732 USD, and the EMA (200) at $0.0749 USD.
If Dogecoin fails to overcome these resistance levels by August 20, 2023, it may continue to decline towards the next support level at $0.0589 USD, which is the low of July 20, 2023. If this level is also broken, Dogecoin may drop further to $0.0547 USD, which is the low of June 22, 2023. The worst-case scenario would be a fall to $0.0436 USD, which is the low of February 23, 2023.
On the other hand, if Dogecoin manages to break above the MAs by August 20, 2023, it may reverse the downtrend and start a new uptrend. The first target would be $0.0716 USD, which is the high of August 16, 2023. If this level is surpassed, Dogecoin may rise to $0.0750 USD, which is the high of August 11, 2023. The best-case scenario would be a rally to $0.0813 USD, which is the high of July 26, 2023.
Dogecoin Expert Opinions
In addition to the technical analysis, we can also look at some expert opinions and forecasts on Dogecoin’s price for August 20, 2023. Here are some of them:
- Changelly, a cryptocurrency exchange platform, predicts that Dogecoin will have a minimum and maximum price of around $0.074 and $0.18 USD respectively by the end of 2023. It also expects Dogecoin to reach $1.21 USD by 2025 and $3.60 USD by 2030.
- Forbes, a business magazine, reports that a panel of experts from Finder, a comparison website, expects Dogecoin to reach $1.21 USD by the end of 2025. However, the panel is divided on Dogecoin’s future, with some predicting it will crash to zero and others forecasting it will soar to $10 USD per coin.
Based on the current trends, the technical analysis, and the expert opinions, we can conclude that Dogecoin’s price prediction for August 20, 2023 is not very optimistic. The cryptocurrency is facing strong resistance from the moving averages and is likely to continue its downtrend unless it breaks above them. The most probable scenario is that Dogecoin will trade between $0.0589 and $0.0716 USD by August 20, 2023.
However, this does not mean that Dogecoin has no potential or future. The cryptocurrency still has a loyal and active community that supports it and drives its adoption and innovation. It also has some influential backers like Elon Musk who can boost its popularity and demand with their tweets and announcements. Moreover, Dogecoin has some unique features that make it different from other cryptocurrencies, such as its fast transaction speed, low transaction fees, and unlimited supply.
Therefore, Dogecoin may still surprise us with some unexpected rallies and spikes in the future, especially if it can overcome its technical and fundamental challenges and prove its value and utility in the crypto space.
Disclaimer: This article is not intended to provide investment advice or recommendations. It is only for informational purposes and should not be relied upon as financial advice. You should do your own research and analysis before making any investment decisions based on your personal circumstances and objectives.