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Will Dogecoin Price Soar 200% As DOGE ETF Approval Odds Hit 75%?
Dogecoin price has been gaining attention as analysts predict a potential surge of 200% amid growing speculation about a Dogecoin ETF approval. Market participants are closely watching price movements, with many expecting DOGE to surpass its all-time high of $0.739.
As the U.S. Securities and Exchange Commission (SEC) reviews multiple applications for a Dogecoin ETF, traders and investors are anticipating a major rally.
Dogecoin ETF Filings and Market Expectations
Grayscale Investments, CoinShares, and WisdomTree have submitted applications for a Dogecoin ETF, aiming to provide investors with regulated exposure to the cryptocurrency. The SEC has acknowledged Grayscale’s filing, signaling the beginning of a formal review process.
If approved, the ETF could attract institutional investors, potentially driving up Dogecoin price.
Regulatory sentiment toward cryptocurrencies appears to be shifting, especially under the current administration. Recently, the SEC dropped its lawsuit against Coinbase, reflecting a more crypto-friendly stance. This change has fueled optimism regarding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera and a Dogecoin ETF. Consequently, analysts suggest that if an ETF receives approval, Dogecoin price could see a substantial increase.
Technical Indicators Suggest a Bullish Outlook
Chart analysis indicates that Dogecoin price may be preparing for a breakout. A falling wedge pattern has formed on the four-hour chart, and DOGE has broken out of this formation. This pattern is typically seen as a bullish signal, suggesting further price gains.
Key indicators also point toward potential upside movement. The Average Directional Index (ADX) stands at 27.95, indicating that a trend is forming. Meanwhile, the Relative Strength Index (RSI) has risen to 43.67, recovering from oversold conditions. If RSI crosses above 50, it could confirm bullish momentum for Dogecoin price.
Traders are watching key support and resistance levels. The support level is around $0.23, while resistance sits at $0.26 and $0.30. A move above these levels could signal further gains for Dogecoin price.
Analysts Predict DOGE Price Could Reach $3 to $5
Several analysts like Javon Marks are forecasting major price increases for Dogecoin in the current market cycle. Concurrently, Basic Trading has identified $0.2, $0.5, and $5 as key price levels, noting that Dogecoin price is in an upward trend despite recent corrections. The analyst pointed out that DOGE has followed a historical pattern of large percentage gains in previous bull cycles.
Crypto analyst Ali Martinez has also projected a bullish scenario for Dogecoin price. He highlighted that if the support range between $0.16 and $0.19 holds, DOGE could rally to $3. Similarly, analyst Trader Tardigrade stated that Dogecoin’s macro chart is showing a similar pattern to the 2017 cycle, which could result in a surge toward $1.7.
Other analysts have set even higher price targets. Dima Potts suggested that Dogecoin price could reach $10 if it mirrors past bull market trends. Some traders believe that DOGE’s historical price movements indicate a strong possibility of surpassing previous all-time highs.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting it could rally to $60 in the long term. The analyst also revealed key breakout levels for XRP as it eyes a rally to the ambitious price target.
Key Breakout Levels As XRP Price Eyes Rally To $60
In an X post, crypto analyst Egrag Crypto highlighted $3, $6.4, $8, $13, and $27 as key breakout levels as the XRP price eyes a rally to $60. The analyst remarked that the range between $33 and $60 was a long-term target based on the channel projection he highlighted in his accompanying chart.
The crypto analyst outlined a bullish scenario in which the XRP price could rally to as high as $67. He stated that a monthly close above $3 would validate further upside. Egrag Crypto added that a breakout from Fib 1.618 at $6.4 would lead to the second Fib extension, which starts with $8, $13, $27, and $67 as of Fib 1.888. This prediction aligns with his recent analysis in which he predicted that XRP could hit a $3.4 trillion market cap.
Short-Term Outlook For The Crypto
Egrag Crypto also predicted that the XRP price could rally to between $4 and $6 in the short term. The analyst noted that XRP’s current price action is showing a strong bullish move but facing resistance at the red horizontal zone on the accompanying chart.
He further remarked that the red resistance line at $3 represents a critical level from the previous all-time highs (ATHs). The analyst added that a monthly close above this level could confirm a breakout toward the next Fibonacci extension targets, which are Fib 1.414 and Fib 1.1618, and price targets between $4.3 and $6.4, respectively. Based on this, Egrag Crypto stated that the upside targets are between $4.3 and $6, which are also the next significant resistance zones.
A Bearish Scenario For XRP
Egrag Crypto also outlined a bearish scenario for the XRP price. He stated that a rejection at $3 could lead to a pullback towards $1.90 and $2, which acted as support from the previous bullish candles.
The analyst added that a break below $1.90 could shift sentiment to bearish, introducing downward risks toward the $0.90 and $1 range. Egrag Crypto claimed that a drop to this level would signal a potential Black Swan event across all markets.
According to him, such a collapse would be a challenging prelude before the ignition stage for the XRP price. He then raised the possibility of the upcoming fort knox audit as a potential catalyst for this market crash.
The Bybit hack, which led to a loss of $1.4 billion in ETH, threatened to be a Black Swan event, as the crypto market crashed following it. However, the market has recovered impressively following the hack.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Highlights This Week: The broader market concludes another interesting week, primarily keeping investors on their toes. Cryptocurrency exchange behemoth Bybit suffered a $1.4 billion hack this week, whereas BTC and altcoins remained stagnant despite market advancements. Simultaneously, the meme coin sector panicked amid the emergence of the Argentinian LIBRA token.
Here’s a brief collection of some of the top crypto market updates reported by CoinGape Media over the past week.
Weekly Crypto Highlights: ByBit Exchange Hacked By N. Korean Group
The renowned cryptocurrency exchange Bybit was hacked by ‘The Lazarus Group’ this week, resulting in a massive exploitation of funds. Reportedly, the North Korean criminal organization stole $1.4 billion worth of ETH from the crypto exchange.
As a result, the broader crypto market saw a whopping $566 million liquidated in a day as investors started panic selling. In turn, BTC and altcoins reversed recent gains, backtracking to previous lows. BTC price closed the week at around $96K, whereas ETH was near $2,800. XRP & SOL also reversed recent gains, trading in the red this weekend.
It’s also worth mentioning that ByBit rolled out a $140 million bounty for cybersecurity experts to recover $1.4 billion stolen in Ethereum.
LIBRA Token Panic: What Happened?
Meanwhile, Argentinian President Javier Milei endorsed the Solana-based LIBRA meme token this week, which soon rocketed in value. However, the market was taken by storm when insiders cashed out massive amounts amid the rally, urging LIBRA price to crash over 90%. This saga raised rug-pull concerns surrounding the crypto, further bringing heat to its price.
However, President Javier Milei ordered a probe into the launch and KIP Protocol, aiming to rectify the error and bolster the token. This saga has emerged as another noteworthy crypto highlight this week, underscoring the market’s risky nature.
ETF Filings This Week
Simultaneously, a stockpile of ETF advancements was witnessed this week. Canary Capital’s Litecoin ETF emerged on Depository Trust & Clearing Corporation (DTCC), solidifying chances of approval.
Further, Grayscale’s XRP ETF entered the U.S. SEC’s review mode.
Also, asset manager Franklin Templeton filed an S-1 to launch a spot Solana ETF with the U.S. SEC this week. Mentioned above are the top crypto market highlights for this week, which appear to have substantially impacted investor sentiment.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bybit, a popular crypto exchange, is reeling from the massive hack worth $1.5 billion in digital assets. According to reports, the hackers targeted the crypto exchange’s cold wallet, an offline storage system, to steal the exchange’s assets, primarily Ether. On-chain data reveals that the stolen funds were quickly transferred into different wallets and liquidated on several platforms.
Ben Zhou, Bybit’s CEO, promptly addressed the hack and told users that the site’s other cold wallets are secure and withdrawals are processed “normally”.
As the company struggles with a surge in withdrawal requests, it received over 88,000 ETH (worth around $239 million) from popular exchanges like Binance and Bitget. The fresh crypto transfers from these two popular exchanges boosted Bybit’s liquidity, allowing it serve the customers’ withdrawal requests.
Bybit detected unauthorized activity involving one of our ETH cold wallets. The incident occurred when our ETH multisig cold wallet executed a transfer to our warm wallet. Unfortunately, this transaction was manipulated through a sophisticated attack that masked the signing…
— Bybit (@Bybit_Official) February 21, 2025
Authorities Link Breach To North Korean Hacking Group
Friday’s hacking of the Bybit cold wallet is considered the biggest crypto hacking on record. Arkham Intelligence and Elliptic said the stolen digital assets were quickly transferred to different accounts and liquidated within minutes. Elliptic reports that the hacking is by far the biggest in the industry and easily surpassed the stolen $570 million from Binance in 2022 and the $611 million worth of crypto assets drained from Poly Network in 2021.
ByBit CEO says the platform is experiencing “massive withdrawals.” https://t.co/Xi5vhqMqWI
— FORTUNE (@FortuneMagazine) February 21, 2025
Elliptic speculated that the Lazarus Group, a state-backed hacking team in North Korea, perpetrated the hack. The Lazarus Group is known for its crypto-hacking activities, stealing billions of dollars from different sites.
Bybit Gets Help From Binance And Bitget
As Bybit struggled to service the surge of withdrawals, it received help from other popular exchanges to cover the requests. Arkham said the exchange received more than 88,000 Ether or roughly $239 million from Binance and Bitget addresses.
The fund infusion can boost the exchange’s current liquidity as it addresses the massive withdrawal requests. Bybit confirmed that its users moved funds from the exchange after the hack was made public.
Arkham said Bitget transferred 40,000 Ether, or $106 million, to a Bybit cold wallet on February 21st at 19:44 (UTC). Lookonchain argued that Bitget transferred its funds to the exchange to boost its liquidity and serve as a vote of confidence.
After 10 minutes, a Binance hot wallet transferred 11,800 Ether or $31 million to the same Bybit cold wallet address. In total, Binance has transferred 47,800 Ether or $127.48 million.
CEO Explains Crypto Exchange Remains Solvent
Bybit’s CEO, Ben Zhou, has assured its users and customers that the exchange is solvent. In a Twitter/X post, the CEO explained that the customers’ funds are backed 1:1 and that the company can service the losses even if it fails to recover them.
Featured image from Adobe Stock, chart from TradingView
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