Despite the 45% gap from Dogecoin's (DOGE) historical high of $0.7316 in 2021, it has achieved a significant increase of over 400% this year.
As of writing, its trading price is $0.404, having risen 5.6% in the past 24 hours. This price represents a critical moment that will have a significant impact on the future trend of Dogecoin.
Competition at the key resistance level
Recently, Dogecoin's surge has attracted significant attention. There is a descending channel on the Dogecoin price chart, which is currently testing a key resistance level. If it can 'sustainably' break through the $0.40 mark, the price is expected to rise to $0.43; conversely, if it fails to break through, the asset could significantly drop to $0.36 or even $0.34.
Actively developing to support Dogecoin
In addition to price trends, Dogecoin has recently welcomed many positive developments that have boosted investor confidence. The newly established U.S. Department of Efficiency (DOGE) has the same abbreviation as the Dogecoin stock code.
Additionally, cryptocurrency fund issuer Valour has launched a Dogecoin exchange-traded product (ETP) on the Swedish Spotlight Stock Market, which is the first Dogecoin ETP listed in the Nordic region, expanding Valour's digital asset product suite and providing investors with a new way to invest in Dogecoin.
Currently, Dogecoin has a market capitalization of approximately $59.5 billion, ranking it as the seventh-largest digital asset in the world. These milestones highlight the growing institutional and mainstream recognition of Dogecoin, driving its price upward.
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Long-term outlook: Charging towards $20?
Dogecoin presents a recognizable wave pattern on the macro chart, predicting that the next potential breakout point could propel this cryptocurrency to a high of $20.
