Key Takeaways
- Dogecoin (DOGE) trades above $0.25 as bulls and traders look to build on current price action to a new high.
- If the price of Dogecoin rallies above $0.31, there is strong bullish sentiment of a potential new yearly high.
- Crypto experts and analysts speculate on new all-time highs for Dogecoin as the ETF approval gains momentum.
Dogecoin continues to make the rounds around the internet space following a strong price rally from a region of $0.23 toward $0.3 for the first time in months, following the price of DOGE crashing from its high of $0.48 as the price has struggled to maintain its strong momentum to the upside.
Recent price action for the memecoin Dogecoin is fueled by speculation of a potential ETF approval for Dogecoin, which is expected to be traded in the coming days, as the price has remained strong, demonstrating a price action that has been missing for months.
With the Dogecoin ETF expected to be listed in the coming days, this could spark a strong market rally to the upside for the memecoin and increase exposure from investors, whales, and institutions to accumulate the famous memecoin.
DOGE ETF Approval Triggers Rally
The crypto market has witnessed extreme volatility following the approval of Bitcoin ETFs, and a few months later, the approval of Ethereum ETFs saw a tremendous price gain to the upside as institutional investors and whales gained significant exposure to these crypto assets.
Similar price action and growth is expected for Dogecoin in the coming days to weeks, as its ETF approval could see more price rally towards the upside, as the memecoin has demonstrated a glimpse of such growth in the last few days, as price rallied above the key resistance of $0.25, as price attempts to solidify its rally above this zone.
While the market has shown bullish sentiment for the memecoin, the price has seen increased volume and exposure to its price action as institutions and whales are busy accumulating Dogecoin, expecting upside price growth.
Following strong price action for Dogecoin, crypto experts believe this is Dogecoin’s time to rally to the upside as the market remains optimistic.
Crypto Experts Shares Dogecoin Market Sentiment
According to crypto expert Kaleo, the price action of Dogecoin appears to be the best among many altcoins and crypto assets, as the crypto analyst, based on his technical analysis, suggests the price looks ready for a rally toward its next key high, potentially above $0.5, in the coming days.
Additionally, on-chain analyst Ali Martinez shared similar thoughts, stating that a breakout for Dogecoin above $0.3 could lead to a strong price rally towards a potential new yearly high, as the price trades around this zone.
Traders and investors are monitoring the price of Dogecoin and will decide on their investment decision in the coming weeks if the price plays out as expected.
FAQs
How much is $1 Dogecoin in Naira?
Dogecoin is worth over 400 Naira presently.
Can Dogecoin reach $1?
The potential for Dogecoin to hit $1 can never be ruled out; however, the price must break above $0.7 for such price expectations to materialize.
What will Dogecoin be worth in 5 years?
Dogecoin is speculated to trade above $1 in the next five years.
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