The price of dogcoin increased for three consecutive days this week, as the Cryptocurrency Market stabilized after the launch of a new fund for investors recognized by Grassscale.
The largest meme coin dogcoin (DOGE) in the Crypto industry, this week climbed a high level of $ 0.3340 to get 12% from its lowest point.
The primary catalyst Grancael’s new investment fund for the rebound of dogcoin was announced. The company said that Dogcoin developed with a meme coin in a device for global financial inclusion.
This development occurred with increasing optimism among crypto investors that the Securities and Exchange Commission may approve a spot dogcoin exchange-traded funds. Polymarkat odds Earlier this month, approval from 27% to a record of 56% reached a high level. Rex shares and bitwaiz have already filed a spot for ETF.
Some analysts believe that a spot dogcoin exchange-traded fund approval will be a highly rapid phenomenon with a coin with a step above $ 1 in February. Moving beyond $ 0.3391 to $ 1 to $ 1 will represent a 200% jump of about 200%, which is within the scope of possibility in the Cryptocurrency market. If this happens, the market capitalization of dogcoin will reach about $ 150 billion.
To get $ 1 in February, Dogi may require four things for the price. First, SEC must be open for more crypto ETF approval. If this happens, Dogge will probably be approved as it is a proof-off-work coin similar to Bitcoin (BTC).
Second, bitcoin should maintain its speed. Ultcoin like Dogcoin and Shiba Inu perform well when bitcoin is completed. Third, the United States will need to encourage inflation figures, which may increase the chances of cutting interest rates in the Federal Reserve.
Dogocine price analysis
Finally, the technical indicators of the dogcoin will need to align for price increase. On a positive note, Dogecoin has gone above a major resistance level on $ 0.2278, the most swing on 25 March and the neckline of a thin triple-bottom pattern.
Additionally, Dogecoin has formed a rapid penant pattern, which includes a long flagpole, followed by a symmetric triangle. This pattern often occurs before further benefits as two trend lines reach their convergence point.
Also, like a staller lumen, Dogecoin appears to be in the fourth wave of the Elliot Wave Pattern, suggests that the next step can be the fifth and final rapid wave. In this scenario, the price of dogcoin can rise to 78.6% of Fibonacci retracement level to $ 0.6086, followed by $ 0.7600 to high levels of their time. A breakout above $ 0.7600 will strengthen the case to $ 1 for a rally.
