Analysts anticipate that the Dogecoin price may reach $4 due to the increasing rumors regarding the SEC’s approval of the DOGE ETF.
The Dogecoin price is on the brink of a substantial breakout, and the crypto community is enthusiastic. Analysts suggest that the potential uptrend of the memecoin may be triggered by the possible approval of a Dogecoin ETF. All eyes are on DOGE to determine whether it has the potential to generate substantial profits, as the global crypto market has expanded to $3.18 trillion, a 2.84% increase.
Dogecoin Price Explodes: $4 in Sight
The Dogecoin price is favorable, mirroring the crypto market’s upward momentum. Analysts are optimistic about the memecoin’s potential for further growth, even though it is currently hovering around the $0.25 mark.
Trader Tardigrade, a crypto content creator, predicted that the Dogecoin price would reach a favorable target of $4 in a comprehensive analysis. The analyst shared an X post in which they claimed that DOGE’s Price Momentum Oscillator (PMO) suggests an imminent price increase.
In the interim, Crypto Tony, an analyst, asserted that the upward movement of DOGE is “merely a matter of time.” Based on historical trends, Crypto Tony anticipated that the Dogecoin price could reach new all-time highs if DOGE surpasses the critical $0.350 support level.
The Dogecoin ETF frenzy ignites the DOGE rally
In a recent development, NYSE Arca submitted a 19b-4 form to the Securities and Exchange Commission (SEC) to list and trade Grayscale’s spot Dogecoin ETF. Grayscale Dogecoin Trust was launched on the same day as the transfer. NYSE Arca elaborated on the potential of Dogecoin ETFs, stating,
Similar to Bitcoin and Litecoin, DOGE can be used to pay for goods and services or can be converted to fiat currencies…Additionally, DOGE is used to pay for transaction fees to miners for verifying transactions on the Dogecoin Network.
Intriguingly, Bloomberg analysts James Seyffart and Eric Balchunas have published an ETF prediction chart that delineates the potential actions of the SEC regarding altcoin ETFs. “Seyffart has stated that the SEC could acknowledge the spot ETF filings for XRP and DOGE within days, which has fueled speculation of an imminent DOGE ETF approval.”
The analysts predict that a Dogecoin ETF will be approved with a 75% probability, which has spurred interest in the potential price fluctuations of DOGE. Doge Lord, a Dogecoin enthusiast, predicted that the memecoin would reach $1 during this iteration.
Changpeng Zhao’s (CZ) intentions to introduce a new memecoin that is modeled after his beloved dog have also contributed to the anticipation of a Dogecoin price increase. CZ recently hinted at the introduction of his companion, which has sparked speculation that it may be the start of a new trend in dog-themed cryptocurrencies.
What does the current trend indicate?
As of this writing, the Dogecoin price has increased by 2.66% in a day to $0.2573. Nevertheless, DOGE has experienced a significant decline of 27% in the past 30 days. Dogecoin’s market capitalization is $37.75 billion, and its trading volume is $1.75 billion. Consequently, it continues to draw the attention of investors and traders.
In the interim, Rose Premium Signals, a prominent crypto advocate on X, identified three potential targets for Dogecoin. The analysts contended that the memecoin is regaining momentum from the Fibonacci support zone of $0.20083. The analyst believes this resurgence indicates a potential breakout at three specific points: $0.49931, $0.57406, and $0.65437. Additionally, experts anticipate that DOGE may enter a new era if it surpasses $0.29.
However, the accuracy of these predictions and analyses will only be revealed with time. In the interim, it is recommended that traders exercise caution, undertake comprehensive research, and make well-informed investment decisions.
