Dogecoin’s (DOGE) Value Surges by 77% in July — Possible $0.357 Target Next?

ecoins in its wake. This wasn’t just an ordinary surge but a significant breakthrough for DOGE, as it soared past resistance levels that had been hindering its progress for months. The technical indicators suggest that this surge may be just the beginning of bigger moves for the cryptocurrency.

This surge marks a significant milestone for Dogecoin as it finally managed to break out of a long-standing trading range between $0.142 and $0.25 that had been constraining its growth since March. The breakout above $0.25 on July 20th was accompanied by a surge in trading volume, which remained consistently high for nearly two weeks. This sustained trading volume is a positive sign of a genuine breakout in the market.

The technical setup for DOGE looks promising, as the recent rally indicates potential for further upward movement. Following months of sideways movement, DOGE has made a significant move, suggesting a possible climb to at least $0.33 and potentially even $0.357 if momentum continues. Currently, DOGE is testing the resistance at $0.285 from February, with the next major challenge anticipated at the psychological barrier of $0.4, which was a key battleground from November 2024 to January 2025.

For those considering entering the market, any retracement back to $0.25 or $0.26 could present a favorable entry point, as these levels are now expected to act as support following the breakout.

In addition to the price action, on-chain data supports the positive momentum in DOGE. Network activity has been steadily increasing over the past month, indicating growing interest in the cryptocurrency. Daily active addresses are on the rise, without the excessive spikes typically associated with market tops. The circulation metric for the past year has been trending upwards since May, suggesting new capital inflows alongside profit-taking by long-term holders. This balanced activity indicates a sustainable rally rather than a speculative bubble.

Transaction counts also reflect a consistent growth trend without the erratic behavior seen at market peaks. These indicators collectively suggest that DOGE’s recent performance is more than just a passing trend. The technical breakout, coupled with healthy network metrics, bode well for the potential continuation of DOGE’s upward trajectory towards the $0.357 target in the coming months. Keep a close watch on the $0.4 resistance level, as it will be a critical test for the cryptocurrency’s future trajectory.