Dogecoin Price Predicted to Reach $2: Can Bulls Make it Happen?

Dogecoin’s price has seen a significant uptick recently, prompting discussions among traders about the potential for a bullish trend to emerge. The popular memecoin is currently valued at $0.24, showing a 7.75% increase in the last 24 hours after breaking through a resistance level at $0.23 that had persisted for several weeks. This breakthrough is being interpreted by traders as an early indication that Dogecoin could be gearing up for a significant price surge, possibly reaching $2 if the current momentum continues.

Market analyst Crypto Patel has identified a range between $0.18 and $0.23 as an accumulation zone, where large investors have been quietly accumulating positions in Dogecoin. This range is seen as a strong support level, with $1.50 serving as a key support level further down. Patel suggests that the likelihood of Dogecoin dropping below $0.15 is minimal, bolstering investor confidence to continue adding to their positions.

In addition to technical factors, market sentiment has been bolstered by speculation that the U.S. Securities and Exchange Commission may approve a Dogecoin exchange-traded fund (ETF). Data from Polymarket indicates that the odds of approval have risen from 51% to 71% within 24 hours. This shift in sentiment follows a broader policy change by President Trump, allowing cryptocurrencies in 401(k) retirement plans, which has fueled expectations of increased mainstream adoption.

Whales, or large institutional investors, appear to be positioning themselves for a potential ETF approval. According to data from Hyperliquid, over $12 million worth of long positions have been opened on Dogecoin in the past day. This influx of leveraged positions suggests that major players anticipate a sustained breakout in the price of Dogecoin.

Given the positive technical outlook, the growing momentum for ETF approval, and the ongoing accumulation by whales, the possibility of Dogecoin reaching the $2 price level may be more achievable than previously thought. For traders, the critical factors to monitor will be whether the breakout above $0.23 holds as new support and how regulatory developments unfold in the coming days.

It is important to note that the information presented in this article is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are encouraged to conduct their own research and seek advice from licensed financial advisors before making any investment decisions.