Dogecoin Rises 1.05% to $0.07098 - Key Takeaways for July 23, 2023

Dogecoin's DOGE token saw a 1.05% price increase over the last 24 hours, rising from $0.07028 up to $0.07098. The meme-inspired cryptocurrency continues to consolidate near the lower end of its 2022 trading range.

Dogecoin's $10 Billion Market Cap and Volume

Despite its recent sideways trading, Dogecoin still maintains a sizable market capitalization of $10.05 billion. This makes DOGE the #8 largest cryptocurrency by valuation.

Over the past day, trading volume for DOGE hit $607 million. This above-average volume signals traders remain active, despite the lack of clear price direction lately.

Short-Term Momentum Largely Flat

Analyzing the hourly and weekly percentage changes shows Dogecoin directionless in the near-term, with DOGE down -1.27% and up just 0.30% respectively across those timeframes.

However, the monthly view looks brighter, with DOGE gaining 11% over the last 30 days. This indicates the longer-term outlook remains positive.

Rangebound Between $0.065 and $0.080

Given the muted price action lately, Dogecoin looks poised to keep trading in its recent range between support at $0.065 and resistance around $0.080 in the near-term.

A breakout above $0.080 is needed to signal resumption of the uptrend towards the 2022 high near $0.095. Traders should watch for buying opportunities near $0.065 support.

Predictions and Key Levels to Watch

I expect Dogecoin will continue to trade sideways for now, lacking a clear catalyst in either direction. However, the consolidation should eventually resolve to the upside, targeting a retest of $0.080 resistance.

Failure to hold the $0.065 support level could see DOGE decline back towards the 200-day moving average around $0.055. This would flip the outlook bearish again.

Can rising social media activity boost Dogecoin's price this year?

If another viral social media-driven rally takes shape, Dogecoin could certainly benefit from the resulting hype and increased attention. However, unlike 2021, DOGE would likely need strong fundamental catalysts to sustain major gains.

Factors like greater adoption for payments, significant exchange listings, influential partnerships, or upgrades to DOGE's development could provide the substance to extend gains driven by social media interest.

But overall, relying simply on TikTok or Twitter hype would be unlikely to ignite another massive Dogecoin rally at this stage. Fundamentals now play a bigger role in driving and sustaining major moves.

What milestones can revive interest in Dogecoin from a development perspective?

From a development standpoint, a few key milestones that could reinvigorate interest in Dogecoin include:

  • Implementation of privacy features like CoinJoin.
  • Transition to proof-of-stake consensus.
  • Introduction of smart contract capability.
  • Higher-throughput solutions via layer 2 scaling.
  • Integration with leading DeFi protocols and NFT marketplaces.
  • Upgrades that optimize DOGE for digital payments.

Delivering technical improvements that expand Dogecoin's utility and capabilities as a blockchain would demonstrate there is substance beyond the meme-driven hype. Executing on ambitious development goals could attract developer talent and investment in DOGE.

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