Dogecoin Price Rallies 80% As DOGE ETF Speculations Arise

• 1 Dogecoin price lifted off nearly 80% in the past week. 
• 2 At press time, DOGE was trading close to $0.160, recording an intraday development of nearly 4.22%.

The Dogecoin crypto extended the rise for the 8th consecutive session on Monday and resumed its winning streak. The bulls are in total control of the price at the moment which is helping the crypto achieve higher levels. The crypto is up over 65% in the past one week.

Moreover, the significant price rise seems to be driven by an incredible speculation of DOGE exchange traded fund (ETF). After the successful launch of the Bitcoin ETF, hopes are up for similar assets for Dogecoin and Ethereum.

Andrew Kang, a crypto enthusiast in his recent tweet mentioned the odds of DOGE ETF launching at over 30%, citing the recent regulatory developments. Kang also acknowledged that if the republican party comes into the administration after the 2024 US elections, the possibilities may rise significantly.

Also, the meme season is going on which is driving all the meme coins like crazy. Several meme coins including Dogecoin, Shiba inu, FLOKI have been rising towards the moon in recent sessions.

Dogecoin Crypto Trend Analysis

The short term outlook has turned bullish after the recent price hike. The daily chart shows that DOGE took a bound from the 20-Day EMA and surged higher, breaking above the previous swing. 

The price performance shows that the DOGE price is up nearly 80% a week and over 105.03% in a month suggesting a positive outlook.

Dogecoin Price Indicator Analysis

From a Technical perspective, Dogecoin crypto hovers above the 20 and 50-Day EMAs, suggesting a bullish trend in the short term. Also, the price is moving comfortably higher than the 200-Day EMA, indicating a positive trend prevailing in the long term. 

At the time of writing, the MACD line was placed at 0.0171 and that of the signal line was at 0.0093. Both the lines were placed above the zero line and were diverging indicating a bullish trend prevailing. 

Dogecoin Price Prediction March 2024

On the higher side, the price has more room to hover till the round level of $0.20 suggesting an upside potential of nearly 22% by the month end. Whereas, the bearish view of analysts hopes for the price to break below the $0.14 level below which more downside move may be observed till the $0.12 and $0.11 levels. 

Dogecoin Crypto Price Prediction 2024

The price forecast for the year 2024 is that the DOGE token price could reach a high of $0.273, suggesting a potential gain of over 68.9% if the most positive conditions prevail. Moreover, the negative outlook of the analysts is that the price could reach $0.224.

Dogecoin Price Prediction 2025

By 2025, the Dogecoin price may attain $0.428 on the higher side. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.314.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.