- Dogecoin (DOGE) makes a sizable jump following the launch of Valor Dogecoin (DOGE) SEK ETP on the Spotlight Stock Market.
- Analyst Alan Santana revealed that the market is still young and the Dogecoin market could experience “upheavals” and “corrections.”
Dogecoin (DOGE) recorded a 5% sharp rise on its daily price chart to trade at $0.38 following reports that a Valor Dogecoin SEK ETP was introduced in Spotlight in Sweden Sotck exchange. According to reports, this initiative ensures that Nordic investors have an easy and regulated way to learn Dogecoin without purchasing it directly.
Commenting on this, Head of Product at Valour, Elaine Buehler, revealed that the launch of the Dogecoin ETP would be an important step in the effort to democratize digital assets. He believes this would provide investors with regulated products that “capture the essence of Dogecoin’s dynamic presence in the market.”
Johanna Belitz, Head of Nordics at Valour, revealed that the initiative aligns with its vision of providing rapid access to in-demand digital assets.
In light of the recent results of the US presidential election and the subsequent increase in demand for Dogecoin, the launch of the Valor Dogecoin ETP on the Spotlight Stock Market aligns with our mission to provide investors with a quick access to in-demand digital assets. The growing popularity of Dogecoin, supported by influential figures like Elon Musk, highlights our commitment to providing innovative and diverse investment opportunities.
According to our data, several factors have contributed to the recent increase in demand for Dogecoin. These include:
- Growing public recognition and strong community support.
- Elon Musk’s continued participation and support.
Dogecoin Price Analysis
According to our research, Dogecoin recorded a supported upward momentum with a 169% has risen over the past six months to a yearly high of $0.475. Submit the asset to technical analysis, crypto trader Alan Santana revealed that the recent price surge marks the end of the three-year consolidation period. According to his observation, this month is a bullish month and hints at similar price action in January 2021.
This month is a bullish breakout month and the first strong green month since the 2021 bull market. If we look at 2021, when similar action occurred: January; what followed was a very strong bullish phase. Just because we’re seeing strong growth doesn’t mean it’s the end. In fact, this very strong growth signals the start of a bull cycle, so expect more.
Supporting his claim, Santana pointed out that:
- This month saw the highest volume since 2021.
- This month broke long-term resistance and a downtrend.
- This month broke a three-year period of consolidation.
Meanwhile, Santana revealed that there could be “fluctuations and upheavals” during this period. Additionally, there could be a strong correction. However, these are good times to take profits and buy back, according to the analyst.
Dogecoin has much more to give; the truth is that there is no limit to how much prices can rise. Money is infinite… And the cryptocurrency market is still very young.