Can Dogecoin Price Still Hit $5 Despite US SEC’s DOGE ETF Delay?

The crypto market has rebounded strongly from its recent turmoil, reaching a value of $2.65 trillion with a 1.30% increase. In tandem with this trend, Dogecoin’s price has surged by almost 2% over the past day. Analysts remain optimistic about DOGE’s potential for a bullish rally, further fueling the current upward momentum.

Will Dogecoin Price Reach $5?

In a recent X post, market analyst CryptoELITES shared a bullish forecast for Dogecoin price. The analyst predicted that DOGE will reach $5 in the near future. To strengthen their analysis, CryptoELITES presented a historical chart that signals Dogecoin price’s target of $5.

Meanwhile, Trader Tardigrade has identified the formation of a 5-wave Descending Broadening Wedge on the 4-hour chart, indicating an impending breakout. Following a confirmed RSI bullish divergence, Dogecoin ($DOGE) rebounded to test the descending resistance line of the wedge. According to the analyst’s predictions, Dogecoin could reach $0.1780.

Increased Whale Activity and ETF Frenzy Spark Bullish Resurgence

During the last crypto market correction, Dogecoin dipped by nearly 20% falling from $0.22 to $0.17. However, large Dogecoin investors or whales have utilized the opportunity to amass 1.7 billion DOGE worth $298 million in just 72 hours.

Reflecting on this increased whale activity, analyst Lumen projected Dogecoin price’s surge to $0.5. He added that the target is possible if DOGE surges past $0.2 before the ETF approval.

Interestingly, crypto expert DOGECAPITAL posited that the Dogecoin price could reach an ambitious point of $90 by the end of 2025.

In a recent development, the US Securities and Exchange Commission (SEC) has reportedly delayed its decision on approving ETFs for Dogecoin (DOGE), XRP, Solana, and Litecoin, despite growing anticipation. However, ETF Store President Nate Geraci remains optimistic, asserting that the ETFs will ultimately be approved.

Why $2 is a Pivotal Target for Dogecoin Price?

Notably, $2 has been a pivotal target for the Dogecoin price. Many crypto experts have predicted DOGE’s potential rally targeting around $2. For instance, Dogecoin co-founder Billy Markus projected Dogecoin price’s possible surge to $2.3, marking a staggering 500% uptick.

Similarly, analyst Javon Marks underscored DOGE’s potential to hit $2.3, citing historical patterns. According to Changelly, DOGE will reach the projected $2.3 by July 2032.

As of press time, DOGE is valued at $0.1614, with an uptick of 3.64% over the past 24 hours. Despite the daily surge, Dogecoin price saw massive declines of 17% and 34% over the past week and month, respectively.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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.