Dogecoin (DOGE) has recently gained significant attention, with analysts predicting a potential 200% growth for this cryptocurrency. Speculations about the approval of an ETF for this digital currency are escalating, with many expecting Dogecoin’s price to surpass its historical ceiling of $0.739. The U.S. Securities and Exchange Commission (SEC) is currently reviewing various requests for launching a Dogecoin ETF. Companies like Grayscale, CoinShares, and WisdomTree have submitted requests for this ETF launch, which could attract institutional investors and drive Dogecoin’s price up. Analysts believe a change in U.S. lawmakers’ approach towards cryptocurrencies, especially with SEC dropping the lawsuit against Coinbase, could pave the way for approving new investment funds. Technically, a descending wedge pattern on Dogecoin’s four-hour chart is on the verge of breaking, indicating a potential upward movement. The Average Directional Index (ADX) is at 27.95, suggesting the start of a new trend. Additionally, the Relative Strength Index (RSI) has reached 43.67. If the RSI crosses 50, we may witness a stronger uptrend. Analysts like Javon Marks have predicted significant growth for Dogecoin in this market cycle. Basic Trading has identified $0.2, $0.5, and $5 as key price levels for this cryptocurrency. Ali Martinez has also outlined an upward outlook for Dogecoin, suggesting that if the support level between $0.16 and $0.19 is maintained, the price could increase to $3. Trader Tardigrade has pointed out similarities between Dogecoin’s chart and the 2017 uptrend cycle, which could lead to a price surge to $1.7. Some analysts, like Dima Potts, have even forecasted that if previous trends repeat, Dogecoin’s price could reach $10. Meanwhile, Dogecoin’s official account hinted at future global acceptance plans in a tweet by Timothy Stebbing, the Dogecoin Foundation’s director, mentioning significant contributions underway. According to Stebbing, a significant statement will be released in early March 2025, detailing these collaborations.
