Many cryptocurrencies are advancing this trading week and this can be attributed to the excitement behind the approval of BlackRock’s spot Bitcoin ETFs application.
In the last 24 hours, Bitcoin bulls successfully propelled the price of Bitcoin beyond $35,100, achieving the most substantial single-day surge of the year. Dogecoin (DOGE) is also showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since this Sunday, the original meme cryptocurrency has surged more than 10%, jumping from $0.060 to the $0.070 level (the current price is $0.068).
But where is the price of Dogecoin (DOGE) going next, and what can we expect from November 2023?
Today, Crypto Lists will discuss Dogecoin (DOGE) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Go directly to
- 1 Dogecoin’s primary strength remains its dedicated and enthusiastic community
- 2 Excitement around the approval of BlackRock’s spot Bitcoin ETF
- 3 Technical analysis for Dogecoin (DOGE)
- 4 Important support & resistance levels for Dogecoin (DOGE)
- 5 What speaks for the rise in the Dogecoin (DOGE) price
- 6 What indicates the downfall of Dogecoin (DOGE)
- 7 What do analysts and experts say?
Dogecoin’s primary strength remains its dedicated and enthusiastic community
Dogecoin was launched in December 2013 by programmer Billy Markus and marketer Jackson Palmer who created the coin as sort of a joke based on the Doge meme. The interest in this coin began at a time when developers were just beginning to explore the possibilities afforded by Bitcoin’s invention, and to this day, DOGE is still exchanged, predominantly for tipping online content creators or for crowdfunding efforts.
Dogecoin may not appear as enticing for investment due to its infinite supply, but it’s crucial to emphasize that the cryptocurrency’s primary strength remains its dedicated and enthusiastic community. It’s worth noting that Dogecoin experienced a significant price surge in April 2021, largely attributed to Elon Musk’s enthusiastic endorsement. However, from May 2021 onward, DOGE entered a protracted bearish phase, influenced by factors such as the Federal Reserve’s potential tightening policies and the bankruptcies of several prominent crypto companies.
Elon Musk remains a steadfast supporter of Dogecoin, and the potential for DOGE adoption could expand further if it becomes integrated into new products and services offered by his companies. Encouragingly, Elon Musk already updated his Twitter profile location with an “X” and a “D,” where the “X” hints at Twitter’s evolving identity, while the “D” is widely seen as a reference to Dogecoin.
A prevailing sentiment suggests that, owing to the eccentric billionaire’s strong affinity for the meme coin, DOGE could potentially find utility as a means of payment on X (the former Twitter). In April 2023, Elon Musk hinted at the possibility of integrating DOGE as a payment option for Twitter Blue, the platform’s subscription service offering premium features. Additionally, his electric vehicle company, Tesla, already accepts DOGE payments for merchandise transactions. Musk has also the idea of incorporating DOGE for payments in his other ventures, SpaceX and Starlink.
Excitement around the approval of BlackRock’s spot Bitcoin ETF
The positive fact is that many cryptocurrencies are advancing this trading week which can be attributed to the excitement behind the approval of BlackRock’s spot Bitcoin ETFs application. Bitcoin surged this Tuesday above $35,000 for the first time in approximately 17 months, sending waves of optimism throughout the crypto community. Dogecoin (DOGE) is also showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since this Sunday, the original meme cryptocurrency has advanced more than 10%, jumping from $0.060 to the $0.070 level (the current price is $0.068).
Apart from the BlackRock update, the cryptocurrency community also links the current bullish trend to the U.S. Securities and Exchange Commission’s (SEC) scrutiny of Grayscale’s application for a spot Bitcoin exchange-traded fund (ETF). It’s noteworthy that on October 23, 2023, the U.S. Court of Appeals for the D.C. Circuit issued an order instructing the SEC to reevaluate Grayscale’s ETF submission.
This directive has put the SEC in a pivotal position, where they must decide between approving Grayscale’s proposal or presenting alternative justifications for its rejection. Meanwhile, amid this snarl-up, Grayscale CEO Michael Sonnenshein expressed unwavering confidence in navigating the challenging regulatory landscape. In a tweet on Tuesday, he wrote:
“Investors are demonstrating a growing interest in diversifying beyond Bitcoin and Ethereum, frequently seeking our guidance to gain a deeper understanding of this resilient and ever-evolving asset class. We are solidifying our specialized approach with Grayscale Crypto Sectors.”
Another contributing factor to optimism on the cryptocurrency market is the fact that the U.S. Securities and Exchange Commission (SEC) unexpectedly dropped all charges against Ripple executives Brad Garlinghouse and Chris Larsen. Many crypto analysts see the U.S. Securities and Exchange Commission (SEC) decision as a sign that the SEC could approve a Bitcoin ETF very soon, and if this happens, the price of DOGE will probably be at higher levels.
According to analysts from JPMorgan and Bloomberg Intelligence on Wall Street, it appears highly probable that the SEC will grant approval for a Bitcoin ETF by January 10, 2024. Such approval is anticipated to stimulate the cryptocurrency markets by attracting substantial institutional investments, primarily from hedge funds.
While there is growing optimism in the cryptocurrency community regarding the SEC potentially approving spot ETF applications by well-established financial entities, there is a concurrent sense of unease. This uncertainty arises from the SEC’s demonstrated inclination to strengthen its grip on cryptocurrency regulations. Tom Gorman, a former attorney for the U.S. Securities and Exchange Commission (SEC), discussed the uncertain prospects of a spot Bitcoin ETF gaining approval from the SEC during an interview with Bloomberg TV on October 24, 2023.
Gorman emphasized that permitting a cryptocurrency to be listed on a securities exchange would pose a significant challenge, characterized as a complex endeavor that would probably demand substantial regulatory actions to guarantee safety and adherence to regulations. He also mentioned that entities like Hamas are using cryptocurrencies to finance their operations, raising ethical and security concerns. In the weeks to come, the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC), alongside concerns of a recession, escalating tensions in the Middle East, and the assertive monetary policies of major central banks.
Technical analysis for Dogecoin (DOGE)
Dogecoin (DOGE) has advanced more than 10% since October 22, 2023, rising from $0.060 to a high of $0.070. Dogecoin’s current price stands at $0.068, and despite the minor correction, bulls continue to control the price movement. Many analysts say that more investors could purchase Dogecoin (DOGE) in the weeks ahead, and as long the price of DOGE is above $0.065, the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for Dogecoin (DOGE)
On this chart (the period from February 2023), I marked important support and resistance levels that can help traders understand where the price could move. Dogecoin (DOGE) has benefited from the current Bitcoin surge, and if the price advances again above $0.080, the next target could be resistance that stands at $0.090. The important support level is $0.060, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.055. If the price drops below $0.050, which represents very strong support, the next target could be located around $0.040.
What speaks for the rise in the Dogecoin (DOGE) price
Dogecoin whales increased their activity over the past several days, which demonstrates renewed interest and confidence in Dogecoin, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks. However, it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024, and because of this many crypto analysts say that more investors could purchase DOGE in the weeks ahead, which could lead to further growth. In light of this, DOGE could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.
What indicates the downfall of Dogecoin (DOGE)
Dogecoin (DOGE) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. At the same time, the macroeconomic landscape remains uncertain; major central banks continue aggressively fighting inflation by raising interest rates, and risk-on assets such as cryptocurrencies could suffer again in such conditions. The important support level for Dogecoin (DOGE) stands at $0.060, and if the price falls below this level, the next target could be $0.055 or even the strong support that stands at $0.050.
What do analysts and experts say?
Dogecoin (DOGE) is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since this Sunday, the original meme cryptocurrency has surged more than 10%. There is growing optimism in the cryptocurrency community regarding the SEC potentially approving Bitcoin ETF applications and many analysts say that it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024. However, Tom Gorman, a former attorney for the U.S. Securities and Exchange Commission (SEC), said this week that it is still uncertain that a Bitcoin ETF will get approval from the SEC.
Tom Gorman also warned that entities like Hamas are using cryptocurrencies to finance their operations, raising ethical and security concerns. In the upcoming weeks, the cryptocurrency market will continue to be notably impacted by the actions taken by the U.S. Securities and Exchange Commission (SEC), as well as concerns about a potential economic downturn, increasing tensions in the Middle East, and the proactive monetary strategies of leading central banks.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.