After a 130% increase, Dogecoin is now the highest-performing asset among the top 100 tokens by market valuation.
Memecoins may get more acceptance from investors after Eric Balchunas dropped hints about a DOGE ETF.
After clearing the $0.5900 psychological barrier, DOGE may stage a rally that tests its all-time high.
On Tuesday, Dogecoin (DOGE) surged more than 15% as investors brace themselves for a possible price push over the $1 mark, according to an article by Bloomberg analyst Eric Balchunas about a DOGE ETF.
As the price of dogecoin keeps going up, an exchange-traded fund (ETF) debut may be imminent.
Along with the rest of the cryptocurrency market, Dogecoin has seen double-digit increases in the last day, increasing by more than 15%. Based on statistics from CoinGecko, it has had a weekly rise of more than 130%, making it the top-performing asset among the top 100 tokens.
Due to its meteoric increase, Dogecoin's market valuation surpassed that of Ford Motor Company, which was already at $56 billion. DOGE has been on a tear since October 13, when it surged more than 250%.
After Tuesday's price surge, Bloomberg senior ETF analyst Eric Balchunas, in response to Canary Capital's S-1 filing for an HBAR ETF, said that a DOGE ETF may be in the works.
Regular updates and insights on regulatory developments were provided by Eric Balchunas, who played a pivotal role in the approval timetable of the Bitcoin and Ethereum ETFs.
Therefore, after Balchunas' tweet, the majority of Dogecoin community members are shown heightened interest.
In March, crypto specialist Andrew Kang estimated that, without any changes to regulations, a DOGE ETF had a 30% probability of being approved.
Following Republican candidate Donald Trump's victory in the US presidential elections last Tuesday, most members of the crypto community are getting ready for asset managers to file an application for a DOGE ETF shortly, even though there is presently no such thing.
As interest in a DOGE ETF grows, Dogecoin may be able to break over its all-time high resistance and continue its upward trend.
Because a DOGE ETF would let institutional investors to track the price of Dogecoin, it might also reduce the mistrust surrounding joke currencies.
Forecast for Dogecoin Price: If DOGE rebounds over the $0.5900 barrier, it might challenge its all-time high.
The previous 24 hours saw more than $127 million in Dogecoin liquidations, with long holdings accounting for $63.69 million and short positions for $64.10 million, according to statistics from Coinglass.
After overcoming the $0.3517 resistance in August of 2021, DOGE plans to test the level of a critical rectangular channel at $0.4483. Doge will be able to challenge the $0.5900 barrier from May 2021 and begin a surge toward a new all-time high if the price closes above $0.4483.
With DOGE's Market Value to Realized Value (MVRV) reaching 45.65%, crypto analysts likewise predict a favorable future. As a general rule, market peaks in prior cycles are indicated by prices falling below the 78% threshold. So, DOGE is not out of the woods yet.
There may be a price correction on the horizon since the RSI is in the oversold area.
The bullish thesis will be rendered invalid if the daily candlestick closes below $0.3517.
