Dogecoin has been in the spotlight lately, with analysts predicting a surge in price by 200% owing to fervent speculation surrounding the approval of the Dogecoin ETF.
Market observers have begun tracking price actions closely, with projections that DOGE might surpass its previous high of $0.739. Investors and traders are also waiting enthusiastically for the SEC’s decision on four ETF applications, hoping for rapid growth.
Dogecoin ETF Filings and Market Expectations
Grayscale Investments, CoinShares, and WisdomTree have all applied for a Dogecoin ETF in a bid to help investors access the cryptocurrency in a regulated manner. The SEC has received Grayscale’s application, which begins the process of an official review.
If the ETF is passed, it could pull in institutional investors, which, in turn, could increase the price of Dogecoin. It appears that there are shifts in the regulatory approach to cryptocurrencies, particularly in this administration’s policies. The SEC recently filed a notice of dismissal for their lawsuit against Coinbase, which is a good sign for the crypto space.
This has brought people a lot of hope in regard to new crypto investment vehicles being available including altcoins ETFs such as XRP, Litecoin, Hedfera, or even a Dogecoin ETF. As a consequence, analysts believe that this could lead to an increase in Dogecoin’s value.
Technical Indicators Suggest a Bullish Outlook
Investing experts say that Dogecoin might be preparing for a price increase. On the four hour chart, a falling wedge pattern has developed and DOGE has, not long ago, broken off from this wedge which is a pattern that is bullish and suggests further price action will take place.
Important key features indicate supporting movement. The Average Directional Index (ADX) stands at 27.95, indicating the beginning of a trend. The Relative Strength Index (RSI) is also recovering from a low came to a height of 43.67.
There is a chance Dogecoin could have some Bullish RSS momentum if the RSI climbs upward and crosses over the mark of 50 so this level is being closely watched. Traders watching the market are paying particular attention to important support around $0.23 with resistance resting at $0.26 and $0.30. Should the price break this resistance level, it could lead to further profits for Dogecoin.
Analysts Predict DOGE Price Could Reach $3 to $5
Industry experts are expecting a huge price increase for Dogecoin in the current market cycle. People like Javon Marks expect huge profits while Basic Trading has identified specific price points at $0.2, $0.5, and $5. They also observe that Dogecoin has been bullish despite the recent downturns. They also added that DOGE has been known to make insane percentage returns during previous bull markets.
Crypto analyst Ali Martinez made projections about Dogecoin and believes there are strong chances of it being bullish. He suggested that if support stays between $0.16 and $0.19, DOGE may reach $3. Likewise, Trader Tardigrade noted that Dogecoin’s macro chart has reached a level that is reminiscent of the 2017 cycle which can subsequently increase the price to 1.7.
Some other analysts are even more optimistic like Dima Potts who has suggested that Dogecoin is extremely capable of hitting $10 in price if it follows the previous bull market trends. A few traders believe that the historical price movements of DOGE increase its chances of breaking past all time highs.
