Dogecoin price has been a hot topic of discussion lately, with analysts predicting a potential surge of up to 200%. This speculation comes amid growing anticipation of a Dogecoin ETF approval by the U.S. Securities and Exchange Commission (SEC). Many market participants are closely monitoring price movements, hoping that DOGE will surpass its all-time high of $0.739.
Several prominent companies, including Grayscale Investments, CoinShares, and WisdomTree, have submitted applications for a Dogecoin ETF. The goal is to provide investors with regulated exposure to the cryptocurrency, which could attract institutional investors and drive up Dogecoin price if approved. The SEC has acknowledged Grayscale’s filing, signaling the start of a formal review process.
There seems to be a shift in regulatory sentiment towards cryptocurrencies under the current administration, as evidenced by the SEC dropping its lawsuit against Coinbase. This more crypto-friendly stance has fueled optimism surrounding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera, and a Dogecoin ETF. Analysts believe that if an ETF is approved, Dogecoin price could experience a significant increase.
Technical indicators suggest a bullish outlook for Dogecoin price. Chart analysis reveals a falling wedge pattern on the four-hour chart, with DOGE breaking out of this formation, typically seen as a bullish signal. Key indicators like the Average Directional Index (ADX) and Relative Strength Index (RSI) also point towards potential upside movement. Traders are keeping a close eye on key support and resistance levels around $0.23, $0.26, and $0.30, which could signal further gains for Dogecoin price.
Analysts like Javon Marks and Basic Trading have forecasted major price increases for Dogecoin in the current market cycle, with price levels of $0.2, $0.5, and $5 identified as crucial. Both analysts note that Dogecoin price is in an upward trend despite recent corrections, with historical patterns showing significant percentage gains in previous bull cycles. Crypto analyst Ali Martinez also projects a bullish scenario for DOGE, suggesting that it could rally to $3 if the support range between $0.16 and $0.19 holds.
Trader Tardigrade highlighted that Dogecoin’s macro chart is displaying a similar pattern to the 2017 cycle, potentially resulting in a surge towards $1.7. Other analysts like Dima Potts have set even higher price targets, suggesting that Dogecoin price could reach $10 if it mirrors past bull market trends. Traders and investors are optimistic about DOGE’s prospects given its historical price movements and strong possibility of surpassing previous all-time highs.
