Although Dogecoin (DOGE) is still 45% lower than its all-time high of $0.7316 set in 2021, DOGE has achieved a significant increase of over 400% so far this year.

At the time of writing, the leading memecoin is trading at $0.404, up 5.6% in the past 24 hours. Analysts believe this price marks a key moment that could significantly impact Dogecoin's trajectory in the coming days.


Dogecoin reaches a key resistance point

The recent surge has drawn significant attention from analysts. Well-known cryptocurrency analyst Ali recently shared his cryptocurrency technical analysis through his X account.

In the post, the analyst marked a descending channel on the price chart of Dogecoin. According to Ali, Dogecoin is currently testing a key resistance level. He stated that if it 'sustains' a breakthrough above the $0.40 price point, the price could rise to $0.43.



However, if DOGE fails to break through the $0.40 level, the asset could easily see a significant drop again, with prices potentially falling to $0.36 or even $0.34.


Key developments enhance DOGE's bullish stance

In addition to the price movements, Dogecoin has recently benefited from several positive developments, boosting investor confidence.

A notable example is the establishment of a new government agency in the United States, called the Department of Government Efficiency (DOGE). This acronym is the same as Dogecoin's stock code.



Additionally, cryptocurrency fund issuer Valour has launched an exchange-traded product (ETP) for Dogecoin. A press release uploaded earlier today stated:



Valour Inc., a subsidiary of DeFi Technologies, launched the Valour Dogecoin (DOGE) ETP on the Spotlight Stock Market in Sweden, marking the listing of the first Dogecoin ETP in the Nordic region. This release expands Valour's suite of digital asset products, providing investors with the opportunity to invest in Dogecoin. Dogecoin currently has a market capitalization of approximately $59.5 billion, making it the seventh-largest digital asset globally.

Notably, these milestones highlight the increasing institutional and mainstream recognition of DOGE, driving its price to continue rising.





In addition to Ali's technical insights, another analyst, Trader Tardigrade, shared a long-term outlook on Dogecoin. The analyst noted that Dogecoin maintains a recognizable wave pattern on macro charts, predicting that a potential breakout top could bring this cryptocurrency to a high of $20.


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