#Dogecoin, a well-known meme coin, has returned to investors' radar due to recent upward trends. Analysts point out that this long-tested support line may drive prices up again. Currently, Dogecoin is trading close to $0.18, expected to drop to $0.14, at which point a buying opportunity will arise. The market generally expects Dogecoin to rebound from this level and possibly rise to $0.30. Short-term forecast for Dogecoin.
Since October 2024, the support level of $0.14 has become a key level, with Dogecoin's price having dropped and rebounded from this level three times. Analyst Ali Martinez emphasized that the repeated rebounds from this level indicate that a similar situation may occur again. Therefore, the $0.14 level is seen as an important bottom and an ideal position for buyers to accumulate.
Andrew Griffiths noted that the same support line has triggered two significant increases. The first began in early 2024, and the second occurred later that year. If Dogecoin maintains above this support line without breaking it, Griffiths predicts it could rise by 200%, potentially reaching $0.50. However, he warned that a break below the support line could weaken the upward momentum.
Impact of Institutional Interest and ETF Applications
In addition to technical signals, institutional investors' interest in the Dogecoin market is also heating up. Following 21Shares' application to launch a Dogecoin spot ETF on Nasdaq, Bitwise, REX Shares, and Grayscale have taken similar actions, indicating that this seemingly simple memecoin may soon be included among important investment tools.
Analyst Tom Danks compared the current price trend with previous rebounds, predicting a potential 500% breakout. The breakthrough of the RSI indicator and the downward trend line also supports this prediction. Such a rise could push Dogecoin to $1 in August, while the application for institutional ETFs has strengthened bullish expectations.