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Will Dogecoin Price Soar 200% As DOGE ETF Approval Odds Hit 75%?
Dogecoin price has been gaining attention as analysts predict a potential surge of 200% amid growing speculation about a Dogecoin ETF approval. Market participants are closely watching price movements, with many expecting DOGE to surpass its all-time high of $0.739.
As the U.S. Securities and Exchange Commission (SEC) reviews multiple applications for a Dogecoin ETF, traders and investors are anticipating a major rally.
Dogecoin ETF Filings and Market Expectations
Grayscale Investments, CoinShares, and WisdomTree have submitted applications for a Dogecoin ETF, aiming to provide investors with regulated exposure to the cryptocurrency. The SEC has acknowledged Grayscale’s filing, signaling the beginning of a formal review process.
If approved, the ETF could attract institutional investors, potentially driving up Dogecoin price.
Regulatory sentiment toward cryptocurrencies appears to be shifting, especially under the current administration. Recently, the SEC dropped its lawsuit against Coinbase, reflecting a more crypto-friendly stance. This change has fueled optimism regarding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera and a Dogecoin ETF. Consequently, analysts suggest that if an ETF receives approval, Dogecoin price could see a substantial increase.
Technical Indicators Suggest a Bullish Outlook
Chart analysis indicates that Dogecoin price may be preparing for a breakout. A falling wedge pattern has formed on the four-hour chart, and DOGE has broken out of this formation. This pattern is typically seen as a bullish signal, suggesting further price gains.
Key indicators also point toward potential upside movement. The Average Directional Index (ADX) stands at 27.95, indicating that a trend is forming. Meanwhile, the Relative Strength Index (RSI) has risen to 43.67, recovering from oversold conditions. If RSI crosses above 50, it could confirm bullish momentum for Dogecoin price.
Traders are watching key support and resistance levels. The support level is around $0.23, while resistance sits at $0.26 and $0.30. A move above these levels could signal further gains for Dogecoin price.
Analysts Predict DOGE Price Could Reach $3 to $5
Several analysts like Javon Marks are forecasting major price increases for Dogecoin in the current market cycle. Concurrently, Basic Trading has identified $0.2, $0.5, and $5 as key price levels, noting that Dogecoin price is in an upward trend despite recent corrections. The analyst pointed out that DOGE has followed a historical pattern of large percentage gains in previous bull cycles.
Crypto analyst Ali Martinez has also projected a bullish scenario for Dogecoin price. He highlighted that if the support range between $0.16 and $0.19 holds, DOGE could rally to $3. Similarly, analyst Trader Tardigrade stated that Dogecoin’s macro chart is showing a similar pattern to the 2017 cycle, which could result in a surge toward $1.7.
Other analysts have set even higher price targets. Dima Potts suggested that Dogecoin price could reach $10 if it mirrors past bull market trends. Some traders believe that DOGE’s historical price movements indicate a strong possibility of surpassing previous all-time highs.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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As South Korea continues to strengthen its crypto regulations, the Financial Intelligence Unit (FIU) has requested Google to block access to 17 unlicensed crypto exchanges. These unregistered virtual asset service providers (VASPs) include KuCoin, MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex, among many others.
Reportedly, Google has responded positively to the FIU’s request. As a result, South Korean users will no longer be able to access these listed platforms, effective yesterday.
South Korea Tightens Regulations: Google Blocks 17 Crypto Exchanges
In a recent development, South Korea’s FIU has requested Google to block users from accessing 17 unlicensed crypto exchanges, including KuCoin, MEXC, Phemex, XT, CoinEx, BitMart, and Poloniex. As part of the move, Google blacklisted these platforms since yesterday.
Notably, South Korea’s decision to block access to these crypto exchanges comes amid growing concerns over crypto theft and money laundering activities. Recently, South Korea announced its potential regulatory revamp in a move to strengthen the country’s anti-money laundering rules.
Google Restricts Downloads and Updates
The Financial Services Commission (FSC) enlisted 22 unregistered platforms on March 26. In response to the South Korean financial regulator’s request, Google has blocked users’ access to the crypto exchanges that are deemed unregistered. In addition, the Google Play Store will not allow users to download or update the applications of these crypto exchanges.
Meanwhile, the FIU asserted that the financial watchdog is collaborating with Apple Korea and the Korea Communications Standards Commission (KCSC) to block both internet and App Store access to these exchange platforms.
Interestingly, the FSC believes that this strategic measure could help prevent money laundering activities involving crypto assets and potential future harm to local users. This move comes just a few days after the FIU launched a crackdown on these exchanges. It is alarming that KuCoin, one of the top crypto exchanges, is also facing intense scrutiny from FIU.
South Korea’s Crypto Regulations: What To Expect More?
Significantly, South Korean regulators mandate crypto exchanges to adhere to the country’s licensing rules before offering services. The restrictions apply to foreign platforms that cater to Korean users by offering Korean-language interfaces, conducting targeted marketing campaigns, or facilitating transactions in Korean won.
According to FIU’s official statement, the platforms that violate these laws could face up to five years in prison or fines of up to 50 million won (approximately $34,150).
South Korea vs United States: Crypto Regulatory Views
South Korea’s rigid crypto regulations come amidst the United States’ loosened norms under President Donald Trump. While South Korea is restricting access to crypto exchanges and tightening regulations, the US is dismissing prevailing crypto lawsuits.
This distinct regulatory trend highlights the two countries’ differing approaches to balancing innovation and investor protection in the rapidly evolving crypto market. The wider implications of these approaches remain differing with South Korea’s caution likely to influence Asian markets and the US’s permissiveness potentially shaping Western regulatory norms.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Network continues to remain under strong selling pressure as native cryptocurrency Pi Coin has corrected another 12% today, with its price dropping to $0.81 support levels. With this, it has extended its weekly losses to 28% amid delays in mainnet launch, Binance listing, etc. and initial investor sentiment waning significantly. Investors are turning anxious about whether the Pi Coin price could stage an upside above $1 anytime soon or not.
Pi Network Core Team Needs to Step Up
With delays in plans of a mainnet launch, listing on Binance, or the Pi Domain auction, the Pi community members are seeking answers from the Core team, asking them to step up the game, as the Pi Coin price faces a steep fall from $3 to $0.82. Community members believe that the recent turbulence comes as the Core Team (CT) remains silent on critical updates.
Furthermore, there have been allegations that the Pi core team has been drifting away from its promise of full decentralization, to now attracting big institutions. Large corporations handling billions of dollars in daily transactions naturally prioritize security and transaction speed over complete decentralization.
With these opposing interests, the Pi Network core team seems to have made some compromises while trying to strike a balance between inclusivity and global adoption. Popular community member, Dr. Altcoin noted:
“We should embrace this collaboration between everyday users and big institutions. High-volume trading driven by businesses is what is required to drive our utilities, and that will ultimately push the price upward. The Core Team should also remain committed to rewarding the Pi community. Without the Pi community, the Pi Network would have been just another typical memecoin story”.
What Happens to Pi Coin Price Next?
Despite the strong community back, the Pi Coin price has been seeing a one-directional downside all the way to $0.82. Crypto analyst Moon Jeff has issued a bold prediction regarding Pi Network’s price trajectory. According to Jeff, the token is poised to decline to $0.60, which he identifies as its last significant support level.
Despite this, the analyst remains optimistic of the Pi Coin price recovery, suggesting that a rebound from this point could spark a rally toward the $5 mark. Dr. Altcoin also shared a similar outlook noting: “Let’s HODL and buy both Patience and Pi together while they’re still available. Let’s also not be surprised if Pi shoots up to $3.14 in the coming weeks or even to $10 in the coming months”. Recent reports also suggest a projected PI listing on the crypto exchange Upbit.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cardano (ADA) continues to show signs of recovery, with whales significantly accumulating the token. Recently, whale addresses holding between 100 million and 1 billion ADA have purchased over 240 million ADA, worth approximately $175 million. This surge in whale activity suggests confidence in Cardano’s next performance, and the next key price target for ADA could be $0.85.
Whale Activity Supports ADA Price Recovery
Whales have been playing a significant role in the recent price movement of Cardano. In the last one week, the number of whale addresses is on a rise, and they have been accumulating ADA by buying it at higher volumes at a cheaper price. Such a move by the large investors means they have confidence in the asset in the long-run and an expectation of a change in trend, in this case a positive one.
The 240 million ADA purchased by whales serves as a strong indicator that large investors are positioning themselves for a future price increase.
Concurrently, based on the Mean Coin Age, long-term holders have not been selling the ADA tokens therefore they do not consider it a dump asset but rather a token with a massive rally potential. This could help contain the price support for ADA at higher levels and avoid sharp declines in the near term.
Cardano Price Struggles to Break Resistance
Nevertheless, the bullish indications from whale accumulation have been met with a pushback at $0.77 in price. In the previous weeks, ADA price has not managed to trade beyond this level, therefore, it cannot be considered a full recovery. Therefore, the $0.77 area represents the key level that will determine the formation of an uptrend since crossing a price higher than this level will unlock further buy signals.
There is a lack of consistent buying pressure in Cardano’s recent price action that hasn’t allowed ADA to break past significant resistance levels. However, the support from whales and long-term holders may help ADA price to avoid this situation. At press time, Cardano price was trading at $0.7476, a 1.20% rally from the intraday support of $0.7222.
If ADA price can cross above $0.77 then the next level of significant resistance may be $0.85 in order to pump for another round of higher price action.
Will ADA Price Soar To $5? Analyst Weighs In
Crypto analyst Javon Marks suggests that in accordance with the prior cycles it is possible to see the next move of ADA price towards the first level of the 1.272 Fibonacci extension, which in this case is $5.36. This target would signify over 6.8 times increase from the current position and more than 585% increase in the price rally.
In the shorter term, the 1.272 Fibonacci extension of the current base suggests a target of approximately $3.95. This target is in line with other past bullish runs that Cardano has exhibited where most of the movements occur after the formation of consolidation patterns.
Moreover, according to crypto analyst LLuciano_BTC, the Cardano price is showing signs of a bullish flag breakout after a period of consolidation. If the ADA price breaks above the descending resistance with strong volume, it could trigger a significant upside move, potentially toward $1.80.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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