Despite recent fluctuations, Dogecoin is striving to position itself for a comeback. Some believe that reaching $1 by 2025 and $5 by 2030 are realistic goals, contingent on substantial network adoption and growth.
Despite its bullish short-term structure, Dogecoin struggles to keep pace with leading assets like Bitcoin or Binance Coin. A massive influx of institutional investments could fuel a Dogecoin rally, but its status as a “memecoin” might limit its potential.
This is why we should closely monitor announcements regarding the launch and SEC approval of a DOGE ETF this year.
To reach $5 by 2030, Dogecoin must enhance its value as a network. Key indicators such as the number of active addresses, transaction volume, developer activity, and long-term investor interest will be essential. In the long run, support from both holders and the broader crypto sphere may be necessary to achieve this ambitious goal.
Ultimately, despite its potential, Dogecoin remains a high-risk cryptocurrency. Its future will largely depend on media hype and market sentiment. However, wider adoption and its decentralized nature could contribute to future appreciation.
From a technical perspective, DOGE has turned bearish with a negative Woodies CCI after its RSI was rejected from the overbought zone in 3 days. If Dogecoin loses its POC at $0.17, it could retest its bearish trendline at $0.11 in the coming weeks.
Indeed, the Volume Profile indicates a last liquidity bastion offering a support at $0.114 for Dogecoin.
In the short term, we should watch if DOGE can break through its resistance zone at $0.223 to potentially test the $0.236 resistance afterward.
Additionally, a spot purchase at such a level could offer attractive returns by the end of the year. Moreover, in the long term, DOGE has every chance of reaching $1 and possibly $5 if a DOGE ETF is approved.
Here’s how to buy DOGE spot on Bitget :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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