Dogecoin's price fell 4% today, but analysts believe a Nasdaq listing could help it return to its $1 target.
Dogecoin's price fell about 4% today and 24% this week, hovering between $0.20 and $0.21 at press time.
While a pullback limited last week's gains, analysts note that if key price levels hold, news of a Nasdaq listing and ETF momentum could reverse the trend and lead to a return to the long-held $1 target.
The Nasdaq listing and the excitement surrounding the Dogecoin ETF have put the $1 price back in the spotlight.
House of Doge, a subsidiary of the Dogecoin Foundation, plans to go public through a $50 million merger with Brag House Holdings (NASDAQ: TBH).
The new organization will manage an ecosystem treasury of 837 million Dogecoins and promote the integration of Dogecoin into the gaming industry, college sports, and digital media, bringing the brand closer to traditional finance and culture.
Meanwhile, Dogecoin ETFs from issuers such as 21Shares, Bitwise, and Grayscale are under review by the U.S. Securities and Exchange Commission (SEC). Despite higher fees, early Dogecoin products have raised over $30 million.
The approval of low-cost funds could attract new regulatory demand for Dogecoin, which has historically been a catalyst for liquidity and pricing in the cryptocurrency sector.
Key Levels: Support at $0.20, Resistance at $0.23-0.25, and $0.29-0.30
Dogecoin's price is on the brink of collapse. Traders view $0.200 as key support; a break below it could lead to a drop to $0.178.
On the downside, initial resistance lies at $0.214 and $0.229, with a broader supply zone between $0.241 and $0.254. A daily close above $0.25 would initiate an upward move targeting $0.29 to $0.30, a breakout that many expect to confirm.
From a technical perspective, Dogecoin has recently formed a hammer candlestick/morning star pattern from its lows, while momentum has fallen into neutral territory, typically the intermediate zone before the next directional move. For swing traders, $0.18 (support) and $0.25 (resistance) serve as immediate reversal/continuation levels.
Whales accumulating within a weekly triangle
On the cryptocurrency chain, whales absorbed approximately $42 million in Dogecoin during the decline, indicating strong market confidence as prices fluctuate within a triangle pattern on the weekly chart for several months. Historically, long squeezes in Dogecoin often precede significant expansions.
A decisive breakout above $0.30 would be consistent with this pattern and shift the short-term target toward $0.49 and ultimately the long-term psychological target of $1, especially if a Nasdaq listing and ETF approval coincide.
