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Highlights
- Grayscale Dogecoin Trust boosts institutional interest in DOGE investments.
- Market sentiment and ETF prospects drive Dogecoin’s potential breakout.
- Technical indicators suggest DOGE must clear $0.35 for upside moves.
Dogecoin price has remained in a sideways trend despite three consecutive days of gains this week. The broader crypto market showed stability as Grayscale launched its DOGE Trust on Friday. This move expands Grayscale’s suite of crypto investment products, raising speculation about Dogecoin’s potential to reach $1 soon.
Will Grayscale’s Trust Send Dogecoin Price to $1?
Dogecoin price saw increased attention after Grayscale introduced its Dogecoin Trust, broadening its crypto investment offerings. The move underscores DOGE’s shift from a memecoin to a potential financial asset.
The launch follows growing interest in Dogecoin-related investment products. Bitwise recently filed for a Dogecoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Market analysts suggest a spot DOGE ETF could be a major price catalyst.
Grayscale also recently sought SEC approval to convert its XRP Trust into an ETF. The regulator’s stance on crypto ETFs remains a key market driver.
Bitcoin ETFs initially triggered short-term dips but later contributed to long-term gains. Investors are now closely watching whether a Dogecoin ETF could follow a similar path.
🚨 JUST IN: Grayscale launches a Dogecoin Trust, highlighting how $DOGE has evolved from a memecoin into a tool for global financial inclusion. pic.twitter.com/sTp7BuoMzG
— CEO (@Investments_CEO) January 31, 2025
Crypto Analyst Predicts Dogecoin’s Next Target at $1
Crypto analysts have shared a bullish outlook for Dogecoin, stating that $1 is the next key price milestone. A chart in the tweet shows the meme coins trading around $0.334, with technical indicators suggesting a potential breakout.
Fibonacci retracement levels highlight key resistance zones while moving averages indicate a steady upward trend. Dogecoin has historically seen price surges driven by market sentiment and community enthusiasm. If bullish momentum continues, analysts believe the $1 target could become achievable in the coming months.
DOGE Price Analysis
DOGE price is at $0.32834, marking a 3.29% drop in the last 24- hours, as technical indicators signal mixed momentum. The meme coin faces strong resistance at $0.35 and support at $0.30, creating a tight trading range.
The Relative Strength Index (RSI) stands at 45, hovering below the neutral 50 level. The MACD indicator shows weak bullish momentum, with the MACD line slightly above the signal line.
The Dogecoin price prediction struggles to maintain upward momentum, with repeated rejections around $0.35. A breakout above this level could open the door to $0.40, while failure to hold $0.32 may expose $0.30 as the next major support.
To sum up, the Dogecoin price path to $1 depends on market sentiment, ETF developments, and price momentum. A breakout above $0.35 could fuel gains, while rejection may keep DOGE in consolidation.
Frequently Asked Questions (FAQs)
1. What is the Grayscale Dogecoin Trust?
2. How does the Grayscale Trust impact Dogecoin’s price?
3. Can Dogecoin reach $1 soon?
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