Dogecoin Price Could Hit $0.60 If This 2024 Rally Pattern Plays Out Again

Dogecoin price trades at $0.20 today, August 6, with a 3.5% decline in 24 hours. Despite this drop, a bullish 2024 pattern seems to remain intact that could propel DOGE upwards by more than 200% as it happened last year. Additionally, the odds of the SEC approving a spot DIOGE ETF have surged to 73%  after plummeting to 56% earlier this week.

DOGE Price Mirrors 2024 Pattern, Eyes 200% Surge

Between March and October 2024, the Dogecoin price struggled beneath a downward-sloping resistance line. For eight straight months, momentum was not strong enough to push DOGE above it. But everything changed in early November, when a broader market rally kicked in, lifting most coins, including DOGE, past key resistance levels.

During these eight months, another thing happened. Higher lows were formed. That indicated that selling pressure dropped gradually. This paved the way for the DOGE price to see the 200% gains that it recorded from $0.159 on November 3 to $0.484 by early December.

A similar pattern is now taking shape, with a downtrending resistance line and gradually rising support levels. According to the analyst, Dogecoin did not just move above this line. It came back to retest the old resistance level, which now seems to be holding as support. That kind of move usually suggests that selling pressure is fading and buyers are starting to take control.

Therefore, if the same thing that happened last year is happening now, the Dogecoin price might surge by 200%. That means that it could move from the current price ot $0.20 and reach $0.60.

Getting to $0.60 is a short-term outlook. For a long-term Dogecoin price forecast 2025 and beyond, more action might happen.

Dogecoin ETF Approval Odds Soar

According to Polymarket, the odds of the SEC approving a spot Dogecoin ETF have jumped significantly. In just three days, expectations have surged from 56% to 73%, signaling growing confidence that the products could launch sooner rather than later.

This increase might be coming from the plans by the CFTC to kick off a crypto sprint. CoinGape reported that this will allow crypto assets that are available on spot exchanges to also be available for trading in futures exchanges.

Considering that Dogecoin is one of the top meme coins that has a notable presence in the US, it is not surprising that this Crypto Sprint has investors believing that the SEC will greenlight a DOGE ETF.

To sum up, Dogecoin price might be struggling now, but there are telltale signs of more gains to come. If a 2024 pattern is indeed repeating as analyst Galaxy predicts, it might not be surprising that DOGE price gets to $0.66 in he coming months.