Dogecoin is currently trading at $0.3, maintaining a consolidation phase while facing resistance at $0.35.
The cryptocurrency remains 55.25% below its all-time high of $0.7376, recorded in May 2021.
Market conditions have shown improvement, with the crypto market cap reaching $3.55 trillion, reflecting a 2% increase.
Trading activity has also seen a 15% surge in 24-hour volume, signaling growing investor interest.
ETF Speculation Drives Market Sentiment
Market optimism has increased amid speculation surrounding a potential Dogecoin ETF.
More so, the recent filing by Bitwise for a spot Dogecoin ETF has drawn attention, with traders monitoring developments closely.
If approved, such an ETF could enhance Dogecoin’s adoption and market participation, potentially contributing to price movement.
Additionally, DOGE ($0.33) whale investors have increased their Dogecoin holdings, indicating confidence in future gains.
Historically, heightened whale activity has preceded strong price rallies, leading to expectations of a breakout if the current trend persists.
Historical Patterns Suggest Breakout
In a parallel analysis, Dogecoin price action is aligning with past market cycles.
Analysts note that the cryptocurrency is currently in Cycle 3, showing a pattern similar to previous cycles that led to sharp price increases.
During Cycle 1 and Cycle 2, Dogecoin exhibited a phase of consolidation before surging exponentially.
Source: XThe current consolidation is ongoing near $0.329 and historical analysis shows that a breakout could be set if $0.35 is breached.
Consequently, a breakout and hold above this level could push the DOGE price higher, with the next resistance at $0.40.
However, not breaching this level could mean a retest of the $0.32 support area with a downside to $0.30 if bears persist.
Analyst Predicts Dogecoin Price to $42
More so, in a TradingView analysis, analyst MyCryptoParadise noted that Dogecoin is showing signs of a potential retracement on the weekly chart.
The price action indicates that DOGE is eyeing a previous supply zone that may act as a crucial level for the digital currency.
If the retracement holds at this level, it may be a good level to go long, based on a longer-term bullish perspective.
Source: TradingViewFurthermore, the predicted Dogecoin target according to this analysis is $42.0 so long as it bounces off the supply zone and maintains bullish sentiment.
Analysts emphasize the importance of monitoring market sentiment as DOGE price approaches this critical zone.
The post Dogecoin Eyes $0.35 Breakout: Can It Reclaim Its All-Time High? appeared first on The Coin Republic.
