The Dogecoin price increased for three consecutive days this week while the cryptocurrency market stabilized and after the launch of a new fund for investors accredited by Grayscale.
Dogecoin (DOGE), the largest piece of memes in the cryptographic industry, climbed a maximum of $ 0.3,340, winning 12% of its lowest point this week.
The main catalyst for Dogecoin’s rebound was the announcement by Graycale of a New investment fund. The company noted that Dogecoin had gone from a piece of memes in a global financial inclusion tool.
This development coincided with growing optimism among cryptographic investors according to which Securities and Exchange Commission could approve a fund treated by Dogecoin Exchange. Polymarket odds Approval reached a record summit of 56%, compared to 27% earlier this month. Sharing rex And have already deposited an ETF Spot Doge.
Some analysts believe that the approval of a fund translated on the Dogecoin Stock Exchange would be a very optimistic event with the coin of a move above $ 1 in February. Speaking of current $ 0.3,3,391 to $ 1 would be a leap of almost 200% would be an increase of almost 200%, which is in the area of the cryptocurrency market. If this happens, the market capitalization of Dogecoin would reach around $ 150 billion.
Four things may have to happen so that the price of Doge reaches $ 1 in February. First, the dry must be open to more approvals and Crypto. If this happens, DOGE will probably be approved because it is a similar work document with Bitcoin (BTC).
Secondly, Bitcoin must maintain his bullish momentum. Altcoins like Dogecoin and Shiba Inu tend to perform well when Bitcoin prosperous. Third, the United States should release encouraging inflation data, which could increase the probability that the federal reserve reduced interest rates earlier than expected.
Dogecoin price analysis
Finally, the technical indicators of Dogecoin should line up so that the overvoltage of prices materializes. On a positive note, Dogecoin exceeded a level of key resistance at $ 0.2278, which was the highest swing on March 25 and the neckline of an inclined triple background.
In addition, Dogecoin has formed an optimistic pennant pattern, made up of a large mast followed by a symmetrical triangle. This scheme often precedes gains more as the two lines of trend approach their point of convergence.
Further away, like stellar lumens,, Dogecoin seems to be in the fourth wave of the motif of the Elliott wave, suggesting that the following movement could be the fifth and last bullish wave. In this scenario, the Dogecoin price could reach the level of Fibonacci trace of 78.6% to $ 0.6086, followed by a summit of its summit of $ 0.7,600. An escape greater than $ 0,7,600 would strengthen the case for a rally to $ 1.