Dogecoin Hitting Support Level: Rebound Expected as DOGE ETF Deadline Approaches
Dogecoin’s price has dropped substantially, hitting a key support level. Despite this dip, investors anticipate a rebound ahead of the crucial spot DOGE ETF approval deadlines.
In its latest downturn, Dogecoin fell to $0.2180, marking a 24% decrease from its July highs. The total market cap now stands at $32 billion.two key factors could propel DOGE higher in the future.
- Alex Spiro, Elon Musk’s lawyer, will lead the House of Doge, a company aiming to gather $200 million to hold DOGE tokens.
- The impending deadline for the DOGE spot ETF approvals by the SEC, set for October adn early next year.
Much like BitMine and SharpLink accumulating ETH, several firms are amassing cryptocurrencies. As an example, GameStop, metaplanet, and Strategy have invested heavily in Bitcoin. This trend could significantly impact Dogecoin’s value.
According to Polymarket, the probability of a spot DOGE ETF approval has surged to 80%. If approved, it could skyrocket Dogecoin’s price.
Technical Analysis: Recently, DOGE faced downward pressure after reaching $0.2875.However, it remains above the ascending trendline seen since June, suggesting potential for recovery. Analysts predict a rise back to $0.2875, an increase of 32% from today’s levels.
