The wider altcoin market, led by Dogecoin (DOGE), recorded a mild retrace in the last 24 hours as Bitcoin (BTC) price dropped below $105k again. The total crypto market cap dropped 3 percent in the past 24 hours to hover about $3.4 trillion on Wednesday, during the late North American trading session.
Dogecoin price dropped around 3 percent to retest the support level of around $0.187 at the time of this writing. Nonetheless, the top memecoin, with a fully diluted valuation of about $28 billion and a 24-hour trading volume of around $748 million, has recorded a 10 percent gain in the past four weeks.
Dogecoin Network Thrives on Institutional Demand
As a veteran altcoin secured through the proof-of-work (PoW) consensus mechanism, the Dogecoin network has continued to attract more institutional investors. As Coinpedia previously reported, the odds of a spot Dogecoin ETF approval in the United States before the end of this year remain very high.
According to Polymarket, the odds of the U.S. SEC approving a spot DOGE ETF before the end of this year stands at 51 percent chance, up 15 percent in the past 24 hours. Some of the fund managers seeking to offer spot DOGE ETFs in the United States include 21Shares, Grayscale, Bitwise, and Rex Shares among others.
Meanwhile, the Dogecoin network received a boost after the Coinbase-backed Base network announced the launch of a wrapped DOGE, thus enhancing the memecoin’s adoption via DeFi and smart contracts.
Midterm Targets for DOGE Price
Dogecoin price has continued to signal bullish sentiment amid the rising calls for the onset of an altseason 2025. Furthermore, Bitcoin dominance has experienced significant resistance around 65 percent, thus signaling an imminent reversal in the near future.
From a technical analysis standpoint, DOGE price is on the cusp of a fresh rally toward its all-time high. In the daily timeframe, DOGE price has already broken out of a falling wedge pattern, thus confirming the bases of a parabolic curve ahead. A consistent close above 26 cents will set the stage for an imminent parabolic rally beyond $1 in the near future.
Credit: Source link
