Altcoin
Analysts Predict Dogecoin Price To Hit $4 Amid DOGE ETF Hype
The crypto community is abuzz with excitement as the Dogecoin price is poised for a significant breakout. Analysts point out a possible Dogecoin ETF approval as the catalyst for the memecoin’s potential uptrend. As the global crypto market has grown to $3.18 trillion, up 2.84%, all eyes are on DOGE to see if it could bring substantial profits.
Dogecoin Price Explodes: $4 in Sight
Mirroring the crypto market’s upward momentum, the Dogecoin price is currently on a positive track. While DOGE hovers around the $0.25 level, analysts remain confident about the memecoin’s further upward push.
In a comprehensive analysis, crypto content creator Trader Tardigrade predicted the Dogecoin price’s bullish target of $4. The analyst shared an X post, asserting that DOGE’s Price Momentum Oscillator (PMO) indicates an imminent price surge.
Meanwhile, analyst Crypto Tony stated that DOGE’s upward rally is “only a matter of time.” Drawing on historical trends, Crypto Tony predicted that if DOGE crosses the crucial $0.350 support level, the Dogecoin price could be poised for new all-time highs.
Dogecoin ETF Frenzy Sparks 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. The move followed Grayscale’s launch of Grayscale Dogecoin Trust on the same day. Elaborating on the prospects of Dogecoin ETFs, NYSE Arca stated,
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.
Interestingly, Bloomberg analysts James Seyffart and Eric Balchunas released an ETF prediction chart detailing the SEC’s possible actions on altcoin ETFs. “The SEC could acknowledge the spot ETF filings for XRP and DOGE within days,” said Seyffart fueling speculations of an imminent DOGE ETF approval.
The analysts estimate a 75% chance of a Dogecoin ETF approval, which in turn sparked excitement on DOGE’s possible price movements. A Dogecoin enthusiast, Doge Lord, forecasted the memecoin’s ascendance to $1 during this cycle.
Expectations of a Dogecoin price surge have also been fueled by Changpeng Zhao’s (CZ) plans to launch a new memecoin inspired by his pet dog. CZ recently teased the introduction of his pet, sparking speculation that it may mark the beginning of a new trend in dog-themed cryptocurrencies.
What Does Current Trend Signify?
As of press time, the Dogecoin price is $0.2573, up by 2.66% in a day. However, DOGE has experienced a grave fall of 27% over the last 30 days. With a market cap of $37.75 billion, and trading volume of $1.75 billion, Dogecoin continues to attract traders and investors.
Meanwhile, Rose Premium Signals, a prominent crypto voice on X, provided three targets for Dogecoin. The analysts argued that the memecoin is rebounding from the Fibonacci support zone of $0.20083. According to the analyst, this resurgence signals a possible breakout targeting three points- $0.49931, $0.57406, and $0.65437. Experts also believe that a break above $0.29 could mark the beginning of a new era for DOGE.
Nonetheless, only time will reveal if these predictions and analyses prove accurate. In the meantime, traders are advised to remain cautious, conduct thorough research, and make informed investment decisions.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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