The price of Dogecoin (DOGE) today is $0.38, up 130%, making it the best-performing asset among the top 100 tokens. Investor interest has increased due to Bloomberg analyst Eric Balchunas hinting at a potential DOGE ETF. If the price breaks through the critical resistance of $0.5900, Dogecoin is expected to test its historical high. Over the past 24 hours, DOGE has risen more than 15%, with a market cap surpassing $56 billion. Liquidations exceeded $127 million, enhancing market bullish sentiment. Analysts estimate that DOGE has further upside potential, but price movements should be monitored, especially the support level at $0.3517.
Dogecoin (DOGE) rose more than 15% on Tuesday after Bloomberg analyst Eric Balchunas posted about the DOGE exchange-traded fund (ETF), with traders expecting the price to rise to the $1 threshold.
As prices continue to rise, Dogecoin may soon launch an ETF.
With the overall cryptocurrency market rising, Dogecoin has experienced double-digit gains in the past 24 hours, exceeding 15%. According to CoinGecko, it is currently the best-performing asset among the top 100 tokens, with a weekly increase of over 130%.
Dogecoin's market cap has surged significantly, surpassing the $56 billion mark, exceeding that of automotive company Ford. DOGE's impressive rise can be traced back to October 13, and it has risen over 250% since then.
Following another round of price increases on Tuesday, Bloomberg's senior ETF analyst Eric Balchunas hinted at the possibility of a DOGE ETF after Canary Capital filed an S-1 application for the HBAR ETF.
Eric Balchunas has played a critical role in the Bitcoin and Ethereum ETF approval timeline by providing regular updates and insights on regulatory developments.
As a result, most members of the Dogecoin community have shown greater interest following Balchunas's tweet.
Cryptocurrency expert Andrew Kang predicted in March that the likelihood of a DOGE ETF being approved is 30%, especially if regulatory transparency improves.
Although there is currently no DOGE ETF application, most members of the cryptocurrency community are preparing to have asset management companies submit applications as soon as possible, especially after Republican candidate Donald Trump won the U.S. presidential election last Tuesday.
With increasing expectations for a DOGE ETF, Dogecoin may expand its gains and overcome its historical high resistance.
Additionally, a DOGE ETF could reduce skepticism towards meme coins by allowing institutional investors to access the price of Dogecoin.
Dogecoin price prediction: If Dogecoin rebounds above the resistance level of $0.5900, it may test its historical high.
According to Coinglass data, Dogecoin has seen over $127 million in continuous liquidations in the past 24 hours, with liquidated long and short positions totaling $63.69 million and $64.1 million, respectively.
The goal for DOGE is to break through the critical rectangular channel resistance near $0.4483 after surpassing the $0.3517 resistance level from August 2021. If DOGE's closing price holds above $0.4483, it will break through the $0.5900 resistance level from May 2021 and rebound to a new historical high.
DOGE/USDT Daily Chart
Cryptocurrency analyst Ali Martinez has also presented a similar bullish outlook, as DOGE's market value with a realized value (MVRV) of 45.65%. This is below the critical level of 78%, which typically indicates a market top from previous cycles. Therefore, DOGE still has room to run.
The Relative Strength Index (RSI) is in the oversold territory, indicating that a potential price correction may be imminent.
A daily candlestick close below $0.3517 would invalidate the bullish argument.
