The crypto market is abuzz with excitement as investors eagerly await the potential approval of a spot Ethereum ETF this week. This development is expected to generate upward pressure on Dogecoin and other meme coins, potentially driving them to new highs. The optimism surrounding the Ethereum ETF has already begun to ripple through the market, contributing to a notable increase in activity.

Technical Indicators Signal Potential Breakout

Prominent crypto analyst Ali Martinez suggests that Dogecoin could retest its previous high of $0.20. His analysis, supported by chart data, indicates that Dogecoin is emerging from a Descending Triangle pattern, a technical setup that often precedes a significant price shift. Although Dogecoin experienced a pullback after the initial breakout, Martinez believes it exhibits signs of a potential reversal. This hints at a retest of the crucial resistance level at $0.20, a milestone that would require a 17% increase from its current value.

Whale Activity and Market Dynamics

Further fueling the optimism, whale transaction activity has seen a noticeable increase. These large-scale transactions could limit the supply of Dogecoin available on the market, thereby supporting its price. Martinez refrains from definitively predicting an immediate recovery but suggests that historical patterns often provide valuable insights, even if they are not exact replicas.

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Current Market Position and Long-Term Outlook

As of now, Dogecoin is trading at $0.167269 with a 24-hour trading volume of $2,863,286,060. It has risen by 1.96% in the last 24 hours, holding the 8th position on CoinMarketCap with a market cap of $24,152,314,489. Looking beyond the immediate goal of reaching $0.20, Dogecoin enthusiasts are ambitiously eyeing a long-term target of $1. This optimism reflects growing speculation that Dogecoin could challenge its previous highs and achieve new milestones in the future.