Dogecoin Reaches Highest Price in 34 Days

Dogecoin Reaches Highest Price in 34 Days

Dogecoin (DOGE), the popular memecoin, has surged to its highest price in 34 days, drawing renewed attention from investors. On July 20, DOGE broke out significantly, leading to an uptick in value. However, analysts remain cautious about the sustainability of this rise.

Dogecoin's Rise

Anonymous crypto analyst Shelby noted on July 20 that DOGE had made a significant breakout and was poised for further upward movement. Shelby also recommended monitoring other memecoins, such as Floki (FLOKI) and Shiba Inu (SHIB), as they often follow DOGE's price movements.

Crypto analysts Cheds and CryptoBoss confirmed the breakout in Dogecoin's price. DOGE is currently trading at $0.1336, an 18.82% increase over the past seven days.

However, analyst Magnate warns of a potential pullback, advising investors to avoid "FOMO" (fear of missing out). Magnate predicts a price drop to $0.1194, which could liquidate around $47.23 million in long positions.

Speculation on Future Price

The recent price rise has sparked speculation that DOGE could reach its all-time high of $0.73, set in May 2021 after the third Bitcoin block reward halving. If this pattern continues, DOGE may hit a new peak in April 2025.

Increased Investor Interest

Dogecoin's Open Interest (OI) has reached its highest level in July, rising by 19% to $647.19 million over the past four days. This data from CoinGlass indicates a significant surge in investor interest in DOGE.

Market Sentiment Shift

The price rise and increased OI coincide with a shift in market sentiment. The Crypto Fear and Greed Index shows that sentiment has risen from "Extreme Fear" (33) to "Greed" (74) in just one week.