Dogecoin remains above key Fibonacci levels, signaling upward momentum and potential for future rebounds. Analysts predict that if Dogecoin breaks the resistance level of $0.1740, it could rise to $1.5. The Dogecoin ETF may be approved by 2025, which could drive institutional demand and higher fuel prices. Following a failure to break key resistance levels, Dogecoin's price recently fell sharply. Nevertheless, some analysts have forecasted potential growth, with some predictions indicating that Dogecoin's price could quickly reach $2.
Key support levels for Dogecoin prices. Dogecoin's price has shown significant volatility over the years.
After failing to break above $0.180, the cryptocurrency fell below several support levels, including $0.1750, $0.1720, and $0.1620. DOGE's price traded around $0.1550 at one point, reflecting the current bearish sentiment in the market.
However, analysts are closely monitoring Dogecoin's behavior near key Fibonacci retracement levels.
According to cryptocurrency analyst SCDO_AI, the 0.5 and 0.618 levels are important as they are typically levels where bulls and bears create turning points.
Historically, Dogecoin prices have always returned to these levels, marking them as support. The current trading price of Dogecoin is above these levels, which could signal a reversal.
Technical analysts believe that if Dogecoin prices remain above these levels, there is potential for an increase in the coming months. This would resemble past trends where Dogecoin surged after consolidating at certain levels.
Analysts predict a target price of $1.5 for Dogecoin. Currently, several analysts believe Dogecoin's price will soon reach $1.5.
Analyst SCDO_AI states that the cryptocurrency is on the verge of a breakout. According to his technical analysis, DOGE's current price formation is similar to a previous descending channel, followed by a parabolic rise.
SCDO_AI indicates that DOGE's price may form an ascending triangle between $0.1732 and $0.1740, which could see a push higher, prompting bulls to take action. If this occurs, the next resistance level is in the $0.1800 to $0.1850 range, and if the price breaks through this area, a larger rebound could occur. Based on his observations, if the same trends from past bull market cycles are followed, Dogecoin's price could rise to $2.
Additionally, another analyst, Dynamite Trade, believes that Dogecoin remains bullish in the long term. He estimates that the cryptocurrency is in a cycle where the next phase of the market could rise to $5.00. This prediction builds on established trends from previous cycles that support an upward movement, continuing to suggest a positive long-term outlook for Dogecoin.
Potential Catalyst: The approval of a Dogecoin ETF could be an important potential catalyst for Dogecoin prices, stemming from events in the broader cryptocurrency market. Speculation about the likelihood of a Dogecoin exchange-traded fund (ETF) being approved by the end of 2025 is growing. According to SCDO_AI, current forecasts suggest a 69% chance of the Dogecoin ETF being approved before December 31, 2025.
If the Dogecoin ETF is approved, it would allow institutional investors to gain exposure to cryptocurrency in a regulated manner.
This could lead to a surge in demand for Dogecoin, further driving up its price. The approval of such a product would also grant Dogecoin additional legitimacy as an asset, potentially attracting more retail and institutional investors.
Although the Dogecoin ETF remains speculative at this stage, analysts believe its approval could become an important catalyst for price growth, with some predicting that Dogecoin could reach a new all-time high. If the ETF succeeds, it could provide the boost needed for Dogecoin to break previous resistance levels and continue its upward trajectory.
