Why The Dogecoin Price Should Be On Your Radar
Recent developments suggest that cryptocurrency investors looking to capture the next rapid 5x growth should pay close attention Dogecoin Price. This is based on technical and fundamental analysis, proving that the price of DOGE could surge 500% from current levels.
Analysts predict Dogecoin price will surge 500%
in a X postsCryptocurrency analyst Javon Marks predicts that the price of Dogecoin will surge by 500%, increasing five times from current levels. The analyst explained that Dogecoin is showing strength again and through its historical performanceDOGE can be set to gain at least over 432% gain from current levels.
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Javon Marks It was further noted that Dogecoin price may rebound above the 1.618 Fib extension, currently priced at $2.2. In line with this, the analyst added that market participants may still be early given that the price of DOGE could rise 5x from current levels.
cryptocurrency analyst tardigrade merchant It was also recently predicted that the price of Dogecoin could rise above $2. In an X post, the analyst said that the meme coin formed a bull flag pattern on the 2-day chart. According to analysts, this DOGE bull flag pattern sets a target of over $2 for the most important meme token.
The cryptocurrency analyst previously predicted that DOGE prices could even rise to $8 if they match the 2017 bull run. He added that if DOGE mirrors the 2021 bull run, it could reach $30 as well. These predictions are further evidence that the price of the most important meme coin could surge by at least 500% from current levels. cryptocurrency analyst Master Kenobi It was also previously predicted that Dogecoin may rebound to $2 this cycle and reach a maximum of around $3.
Bullish fundamentals also support DOGE’s 5x rise
Dogecoin price also has bullish fundamentals that support a 5x price increase from current levels. One of the fundamentals includes the possible launch of a Dogecoin exchange-traded fund (ETF) in the United States. asset manager Bitwise recently submitted Delaware-based Dogecoin ETF, indicating that filing with the U.S. Securities and Exchange Commission (SEC) may be the next step.
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asset manager rex stockIn partnership with Osprey, an application has been submitted to the SEC to offer a Dogecoin ETF. Considering the amount of institutional money that could flow into the DOGE ecosystem if the SEC approves these funds, this would be bullish for Dogecoin price. There is also a good chance that the SEC will approve these funds, given the pro-cryptocurrency climate of Donald Trump’s administration.
It is also worth mentioning that DOGE whales have shown a huge accumulation trend, which is also good for the price of Dogecoin. Enter block data It shows that Meme coin’s large transaction volume surged by 41%, reaching $23.35 billion in the past 24 hours. Another bullish fundamental is Elon Musk’s Department of Government Efficiency (DOGE), which puts the most important meme coin in the spotlight.
According to data, DOGE price is around $0.35 at the time of writing, down nearly 4% in the past 24 hours data From CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
