Recent analysis shows that Dogecoin may be on the brink of significant growth, based on a combination of technical analysis and market events.
Wave Analysis Signals for Dogecoin
On Dogecoin's weekly chart, a re-entry into a zone that has historically preceded major rallies is observed. Trader Tardigrade noted that as the Bollinger Band Width indicator hits a certain level, Dogecoin has traditionally shown gains ranging from 100% to 378%. He suggested that the current setup could target a price range from $0.41 to $0.97.
Market Dynamics and Breakout Signs
As of press time, Dogecoin is trading at $0.26 with a daily turnover exceeding $4 billion. The token has risen by 4% in the past 24 hours and nearly 20% over the week. Traders are now closely monitoring whether Dogecoin can maintain this strength as it approaches resistance levels.
Asset Accumulation and ETF Delay
CleanCore Solutions reported it now holds over 500 million DOGE after purchasing $130 million worth of tokens. They aim to acquire one billion DOGE within 30 days. Meanwhile, the launch of the Rex-Osprey Doge ETF, expected to be the first spot ETF for Dogecoin, has been postponed to next week.
Thus, the current state of Dogecoin generates optimism among traders and analysts. However, considering the asset accumulation and ETF launch delay, the market situation remains dynamic.
