Dogecoin is the strongest rising coin among the ten largest cryptocurrencies by market capitalization, with a 15% increase in 24 hours, trading at $0.243 today, July 18. DOGE appears to be gearing up for a larger price increase of 380% to $1 due to soaring institutional interest and the increasing likelihood that the SEC will approve spot ETFs.

Dogecoin Aiming for a 380% Increase to $1

After nearly ten months of forming a symmetrical triangle pattern, Dogecoin is now breaking out, a sign that a strong price increase may be imminent. This breakout appears in this week's candle, reflecting a 23% increase in DOGE's price over the past seven days.

The height from the lowest support level of this symmetrical triangle to the highest point in December 2024 is $0.48, indicating a price increase of 380%, and this could be a similar increase that DOGE might record after surpassing the resistance level of $0.41. Achieving such growth could push the price of DOGE above $1 for the first time in history.

The RSI index is also supporting predictions that the price of Dogecoin will increase as the price continues to rise after surpassing the 50 level, indicating that the upward momentum is strong and that the price may rise further.

Another indicator also increasing the likelihood of DOGE's price rising to $1 in the near future is that the AO bars are currently turning green despite still being in the negative zone. This outlook suggests that the downward momentum affecting the price volatility of this meme coin over the past seven months has weakened, and the chance of a breakout is very high.

$500 Million DOGE Treasury, High ETF Betting Rate Could Drive Price Surge

The price of Dogecoin tends to follow the price fluctuations of Bitcoin, and as long as Bitcoin continues to rise, DOGE is likely to continue its upward trend. However, other factors in the Dogecoin ecosystem may also support this increase and lead to the leading cryptocurrency experiencing price spikes similar to its early years.

A recent report from CoinGape reveals that Bit Origin, a Nasdaq-listed cryptocurrency company, has secured funding to launch a $500 million DOGE treasury, of which this amount will be used to accumulate additional tokens, while the remaining funds will be used to support the development of the Dogecoin ecosystem.

Moreover, data from Polymarket shows a high likelihood that spot DOGE ETF funds will be approved, with this increase coinciding with the interest of institutions from Bit Origin. Currently, there is an 80% chance that these products will be launched, with the nearest date for the SEC to make a decision being in September 2025.

In summary, the high level of interest from both retail and institutional investors supports the argument that the price of Dogecoin could rise to $1. If this week's candle closes above the resistance level of $0.21 and buying pressure remains strong, DOGE could reach this price in the coming months.