August 2024 Price Forecast for Dogecoin (DOGE) and Ethereum (ETH)
The recent surge in Bitcoin’s price has reignited optimism in the cryptocurrency market, with Bitcoin reaching $70K and reshaping the altcoin landscape with fresh trends and metrics. DogeCoin (DOGE) and Ethereum (ETH) have also charted new price trajectories, setting the stage for their performance in August 2024.
Dogecoin is poised for an upward climb, having displayed a pattern of declining prices but yet to transition into a bullish phase. Despite this, analysts like Javon Marks foresee a significant price surge for Doge, with potential gains of up to 72%. Marks highlighted the historical trend of Dogecoin’s breakout patterns leading to substantial price increases, suggesting a potential rise to over $10 per DOGE in a bullish run exceeding 7,200%.
However, CoinCodex anticipates a temporary setback for Dogecoin, projecting a 13% decline in August that could see the token trading at $0.01328 by September 1, 2024. The platform’s analysis indicates a bearish sentiment, with a Fear & Greed Index reading of 57 (greed) and 43% green days recorded over the last 30 days, accompanied by 8.68% price volatility.
Moving on to Ethereum, the second-largest cryptocurrency by market cap, recent approval from the SEC for the token to launch ETFs has bolstered its position in the crypto space. Despite this regulatory milestone, Ethereum remains susceptible to market fluctuations.
CoinCodex’s forecast for Ethereum in August predicts a modest 4% increase, positioning the token at a trading level of $3,318.41 by September 1, 2024. The analysis notes a bearish sentiment, with a Fear & Greed Index reading of 57 (greed) and 57% green days observed over the past month, accompanied by 5.14% price volatility.
These projections are subject to change as market dynamics evolve for both Dogecoin and Ethereum, reflecting the ongoing shifts and developments in the cryptocurrency landscape.
