In recent weeks, the price of Dogecoin has increased significantly, attracting the attention of analysts and investors. Below are the key factors contributing to this growth and the technical analysis of the coin's status.
Reasons Behind Dogecoin's Price Surge
Dogecoin's price reached $0.2357 on Wednesday, up nearly 80% from its lowest point in April. Key factors contributing to the rise include the potential approval of ETFs for Dogecoin from companies like Bitwise and Grayscale. Additionally, the odds for ETF approval have risen to 63%.
Technical Analysis of Dogecoin's Price
The three-day chart shows that Dogecoin has formed a large accumulation cylinder, which is expected to lead to a bullish breakout. If this pattern continues, DOGE could rally towards the psychological level of $1. However, it first needs to surpass the $0.4877 level.
Market Prospects for Dogecoin
Dogecoin is expected to benefit from the anticipated rise in Bitcoin's price, with which it has a close correlation. Analysts believe Bitcoin could reach $200,000, which may also support Dogecoin's price.
Thus, Dogecoin shows positive signs of growth, which may be supported by potential regulatory changes as well as broader trends in the cryptocurrency market.
