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Will Dogecoin Price Soon Catch Up With Other Altcoins? Is Dogepalooza a Catalyst?

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Since the July 21 breakout, the Dogecoin price has been erratic, providing few indicators as to its future trajectory. Although the revelation of the dates for ‘Dogepalooza‘, an event aimed at celebrating the most popular meme coin, which will take place in October, could push values even higher. 

From August 6, tickets were available on their website. The event, which will take place in October and include music, fireworks performances, and an NFT, will have promising sponsors who will help to build interest in DOGE.

Dogecoin Price Analysis 

The price of Dogecoin is currently tussling with a key resistance level, which if broken will pave the way for more rises. DOGE Price is holding slightly above the pivot point at $0.2269, and it is anticipated to hit resistance at $0.227 as it rises higher past the $0.25 mark, where it may face more resistance. A break above this opens the way to the crucial $0.30 level, but only after another round of resistance at $0.29. 

A retracement is likely if the meme coin bulls fail to push through the descending trend line and the horizontal resistance level at $0.213. The support levels for DOGE are $0.1995 followed by $0.1924 and $0.1862.

According to Tradingview post, Doge has had a tremendous rise in the first half of the year. DOGE has been significantly underperforming the market since then. 

Dogecoin Price Analysis

Most cryptos have gained more than 50% from their low in late July. Since then, DOGE has only increased by about 30%. This means DOGE is lagging behind the market.

DOGE will soon catch up with the market. There’s a lot of positive sentiment around this coin, so it could make a decent mid-term investment. The main target for the current run-up is the green area of resistance around $0.30.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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