Dogecoin on the Rise: Can DOGE Skyrocket to $4 with Spot ETF Momentum?

The cryptocurrency market is buzzing with speculation as Dogecoin (DOGE) gains attention following the U.S. Securities and Exchange Commission’s (SEC) acknowledgement of Grayscale’s 19b-4 filing for a Spot Dogecoin ETF. Industry experts estimate a 75% chance of approval, which could significantly impact DOGE’s market trajectory.

Historically, ETF approvals have triggered substantial price rallies in the crypto space. Depending on market conditions and institutional demand, analysts predict that DOGE could reach anywhere between a conservative $3.69 and an ambitious $15.

Market Trends & Whale Activity: What’s Next for DOGE?

Renowned crypto analyst Ali Martinez reports that whale activity in Dogecoin has remained stagnant over the past week. This suggests that major investors await key market catalysts before making significant moves. The SEC’s upcoming decision could be the trigger that drives a surge in trading volume.

Meanwhile, analyst Rose Premium Signals on X (formerly Twitter) highlights DOGE’s rebound from a key Fibonacci support level. This technical setup signals the possibility of a bullish reversal. DOGE could experience a breakout in the coming sessions if trading volume increases

Key Price Targets: Resistance & Support Levels to Watch

Bullish Targets:

$0.4993 – Initial resistance level; a breakout here could confirm a trend continuation.
$0.5740 – Mid-level resistance, aligning with Fibonacci retracement patterns.
$0.6543 – Major upside target if momentum remains strong.

If DOGE surpasses these resistance levels, it could establish an uptrend, pushing toward higher valuation zones.

Current Market Structure & Fibonacci Levels Analysis

Dogecoin trades at $0.2625, reflecting a 27.40% decline over the past 30 days. Despite this, its market cap remains strong at $38.86 billion, with a 24-hour trading volume of $1.47 billion, indicating sustained investor interest.

The DOGE/USDT weekly chart shows a retracement phase after a significant uptrend, with price movements respecting key Fibonacci retracement levels:

0.236 Fib ($0.21 – $0.22) → Current Support Level
DOGE appears to be holding support in this zone. If the price remains above this level, it could indicate a bullish reversal.
0.382 Fib ($0.31 – $0.32) → First Resistance Level
A move higher would face resistance at this level. A breakout could signal the start of a new bullish trend.
0.618 Fib ($0.47 – $0.48) → Major Resistance Zone
Historically, this Fibonacci level has acted as a strong resistance point. DOGE would need high trading volume to push past this range.
0.786 Fib ($0.59 – $0.60) → Next Potential Top
This level represents a previous high, meaning sustained momentum could drive DOGE toward this target in a bullish scenario.

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Source: Trading View

Dogecoin Price Prediction: Bullish vs. Bearish Scenarios

Bullish Scenario:

If DOGE holds above the 0.236 Fib support level ($0.21) and gains momentum, it could first target the 0.382 Fib level ($0.31 – $0.32).
A breakout above $0.32 could drive DOGE toward the 0.618 Fib level ($0.47 – $0.48).
If momentum continues, the price could climb to $0.59 – $0.60 (0.786 Fib level), marking the next significant upside target.

Bearish Scenario:

If DOGE fails to hold support at $0.21, it may decline toward lower support levels between $0.15 and $0.18.
A breakdown below $0.21 would signal increased selling pressure, potentially leading to a retest of historical support zones.

Technical Indicators & Market Confirmation

A bullish reversal candlestick pattern near the 0.236 Fib support level would confirm strong buying interest.
Higher trading volume near key support levels would strengthen the bullish case.
If RSI approaches oversold conditions, DOGE could bounce from support.

A breakout above $0.32 would indicate a continuation of the uptrend, while a drop below $0.21 could lead to further declines. Traders should closely monitor price action and volume around these Fibonacci levels for confirmation.

Conclusion: Can Dogecoin Reach $4?

DOGE is currently consolidating, but the potential approval of a Spot Dogecoin ETF could drive a strong uptrend. If bullish momentum builds, Dogecoin could target the $3.69 – $4 range, with extreme bullish scenarios pushing it as high as $15.

However, traders should remain cautious, monitoring critical support levels and tracking market developments. As institutional interest grows and the SEC’s decision approaches, Dogecoin remains one of the most closely watched assets in the crypto space.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.