After a period of consolidation, Dogecoin is showing renewed signs of vitality. With increasing trading volumes and the interest of influential investors, the meme coin could be eyeing unexpected peaks. Could we be on the verge of a price explosion in the coming weeks?
The cryptocurrency market has seen a slight decline in the last 24 hours, with Bitcoin (BTC) dropping below the $105,000 mark. Despite this pullback, the total capitalization of the crypto market remains high, nearing around $3.4 trillion. The price of Dogecoin has declined by about 3%.
DOGE is retesting a support level around $0.187. However, this memecoin has a fully diluted valuation of about $28 billion and a trading volume of $748 million over 24 hours. Furthermore, it still shows a 10% gain in the last four weeks.
The Dogecoin blockchain continues to attract more institutional investors. According to Polymarket, the likelihood of a Dogecoin ETF approval in the U.S. by the end of the year remains very high. Several fund managers, including 21Shares, Grayscale, Bitwise, and Rex Shares, are looking to offer such DOGE derivative products in the American market.
The price of Dogecoin continues to signal a bullish sentiment as calls for an “altseason” in 2025 increase. Additionally, Bitcoin’s dominance has faced a significant resistance around 65%, indicating an imminent trend reversal.
From a technical standpoint, the DOGE price is poised to start a new rally towards its previous all-time high. On the daily chart, the price has already managed to break out of a descending triangle pattern, confirming the basis for an upcoming parabolic curve. Maintaining above $0.26 will pave the way for an imminent parabolic rally beyond $1 in the near future.
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