Can Dogecoin realistically reach $ 1 in February?

The price of Dogecoin rose for three consecutive days this week, as the cryptocurrency market settled and after the launch of a new fund for the investors accredited by Grayscale.

Dogecoin (DodgeThe largest Mimi currency in the encryption industry increased to an increase of $ 0.3340, and gained 12 % of its lowest point this week.

The primary catalyst for Dogecoin’s reflux was the Grayscale advertisement on a A new investment fund. The company noted that Dogecoin has evolved from Mimi to a tool for its global financial integration.

This development coincided with the increasing optimism among the encryption investors that the Securities and Stock Exchange Committee can agree to a fund trading in the Dogoin exchange. polymarket probability The approval jumped to a standard level of 56 %, up from 27 % earlier this month. Rex shares BitWise has already applied for the Doge ETF spot.

Some analysts believe that the approval of the DOGECOIN exchange fund will be a very bullish event with the currency looking for a step above one dollar in February. The transition from $ 0.3391 to $ 1 will become a jump of approximately 200 %, which will represent an increase of about 200 %, which is within the world of the possibility in the cryptocurrency market. If this happens, the market value of Dogecoin will reach about 150 billion dollars.

Four things may need a DOGE price to reach one dollar in February. First, SEC should be open for more Crypto ETF approvals. If this happens, it is possible that DOGE will be approved because it is a currency evidence of work similar to Bitcoin (BTC).

Second, Bitcoin should maintain its upscale momentum. Altcoins such as Dogecoin and Shiba Inu tend to perform well when Bitcoin flourishes. Third, the United States will need to launch encouraging inflation data, which can increase the possibility of reducing interest rates in the Federal Reserve in a closer time than expected.

Dogecoin price analysis

Finally, the technical indicators of Dogecoin will need to be compatible with price increase. In a positive note, DOGECOIN move above the main resistance level at $ 0.2278, which was the highest swing on March 25 and neckline for a three -tilted bottom.

In addition, Dogecoin formed a bullish shepherd style, consisting of a long seller, followed by a similar triangle. Often this style precedes more gains with the approaching two directions approaching the rapprochement point.

additional, Like a brilliant starsand Dogecoin appears to be in the fourth wave of Elliott wave style, indicating that the next step can be the fifth and final upward wave. In this scenario, the price of Dogecoin may rise to the level of Fibonacci’s re -imitation by 78.6 % at $ 0.6086, followed by a re -test at all at $ 0.7600. The collapse of more than $ 0.7600 would enhance the gathering issue about one dollar.