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Dogecoin holds $0.143 support—Will it rally to $1 on ETF hopes?
As the cryptocurrency market continues to navigate uncertainty and volatility, Dogecoin (DOGE) has found a crucial level of support at $0.143, sparking speculation about its potential trajectory.
In recent trading sessions, DOGE’s daily candle closed with a rebound from this key level, forming a lower wick low at $0.14297. This development suggests that the cryptocurrency may be accumulating at this point, potentially paving the way for future growth.
Despite this positive sign, it is essential to note that further downward momentum cannot be ruled out entirely. The recent red candles indicate ongoing bearish pressure, implying that additional declines are possible before a reversal occurs. Therefore, DOGE must reclaim the $0.17542 resistance level to establish a more stable trend.
If DOGE manages to maintain support at or above $0.143, it could set the stage for a push toward $0.168. However, buyers will need to be accompanied by increased trading volume and higher lows to signal market strength. The absence of these factors may result in any rally being a temporary liquidity grab before another downturn.
The possibility of price movements above $0.14297 might trigger stop hunts, leading to the liquidation of weaker positions before a potential rally unfolds. Key liquidation levels have been identified as between $0.16 and $0.17.
In related news, Bloomberg ETF analyst James Seyffart has noted that the SEC’s 45-day delay in its decision on DOGE ETF applications will push back the deadline to April 4th, 2025. This development could lead to mixed price reactions, with Seyffart emphasizing that approval probabilities remain high. If approved, an ETF listing would likely provide a significant boost for DOGE, potentially driving its value to $1 or higher.
Such a development would be fueled by the influx of institutional demand and broader market acceptance. However, the likelihood of such an outcome is subject to regulatory challenges and the SEC’s review of submissions from Bitwise and Grayscale.
Source: https://ambcrypto.com/dogecoin-holds-0-143-support-will-it-rally-to-1-on-etf-hopes/
