Dogecoin Forecast Shows Bullish Target

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Dogecoin Forecast Shows Bullish Target

Dogecoin Forecast Shows $1 As Next Target

Dogecoin is currently trading near $0.2357, with an 80% upside from its April lows. That's a spectacular rise in Dogecoin, which has led many to forecast $1.00 as the next target.

There are many things that support a $1.00 target for the Dogecoin price. The biggest catalyst is the upcoming DOGE ETFs approval by big names such as Rex Shares, Grayscale, and Bitwise.

Dogecoin Awaits Etf Approval

As of now, there is a 63% chance that the Doge ETF would be approved. The odds were just around 60% just a month ago, which shows a rise in positive sentiment.

It is also worth noting that Dogecoin is based on the proof of work. This is similar to Bitcoin, which has increased the chances of Doge being accepted as a security.

Also, the trading volume of Dogecoin keeps increasing in the spot & future markets. The data from CoinGecko shows a 24-hr volume of almost $3.14 billion. That's a lot higher than the Pepe and the Shiba Inu's trading volume.

Last but not least, an increase in the price of BTC will also benefit Dogecoin. To start, Standard Chartered has forecasted a bullish price of $200K for Bitcoin.

Technical analysis also shows that Dogecoin is going through an accumulation phase. So, that's yet another reason why Dogecoin may head towards $1.00.

Also, the Dogecoin chart shows that a bullish price pattern is in the making. A breakout of this formation can also lead to explosive bullish pressure.

So, if we get the breakout of this pattern, a visit towards the $1.00 will be on the cards. But before that, Dogecoin needs to break the $0.4877 and the $0.5000 resistance levels. Beyond these 2 levels, the next resistance zone for the Dogecoin is seen around $0.7517.

If the $1.00 target price is achieved, that would mean a 325% rally in Dogecoin. In any other asset class, such returns are very difficult to achieve, but we are talking about crypto and a memecoin in particular.

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