Price Channel of DOGE and Growth Potential
The meme coin industry has risen to $73.6 billion while the cryptocurrency market has recovered to $3.2 trillion. Dogecoin has increased by 5.10% in the last 24 hours in the growth segment.
Currently trading at a market price of $0.2653, DOGE is the largest meme coin close to a market value of $40 billion. Will Dogecoin begin to rise parabolically amidst increasing enthusiasm to break the $1.01 barrier in the upcoming alt season?
Its current goal is to recover from the lower boundary to start a new bullish cycle. The upper boundary of the ascending channel pattern suggests a price surge that could reach the $4 mark based on its upward trend.
This reflects the immense potential of Dogecoin. A recent tweet from IntoTheBlock indicates the expanding space in daily active addresses, revealing the possibility of a price surge in cryptocurrency.
Based on the tweet, there is currently a 75% chance of Dogecoin ETF approval by 2025. Additionally, the tweet included Grayscale and Bitwise, two companies that have submitted S-1 proposals for the DOGE ETF.
From the key support level around $0.24, DOGE price fluctuations indicate a rounded bottom reversal on the daily chart. The price of Dogecoin has increased by about 7% within 48 hours after two consecutive bullish candles.