The cryptocurrency market has rebounded, reaching a total value of $2.68 trillion with an increase of 0.43%. The same is true for Dogecoin price.

It went up over 2% and was trading at $1675 at the time of writing.

Most analysts are bullish on the DOGE’s future, which also creates a favorable outlook among investors.

Dogecoin Price Targets $5 Amid Bullish Signals

Crypto analyst CryptoELITES has stated that the DOGE price could be heading towards the $5 range anytime soon based on past occurrences and chart indications.

The analyst also posted a historical chart pointing at the existence of a certain resistance level that can lead Dogecoin price to further increase. 

If bulls hold the market, there is a likelihood of Dogecoin price attaining critical breakouts  price levels.

Meanwhile, Trader Tardigrade observed a 5-wave Descending Broadening Wedge pattern in the 4-hour timeframe.

This pattern depicts a possible breakout, and the price has even tested the descending resistance line.

Following a confirmed RSI bullish divergence, Dogecoin price rebounded, signaling the possibility of a surge toward $0.1780.

Whale Accumulation Signals Strength for Dogecoin

Many analysts have been eagerly buying Dogecoin price as it has been trading lower in the past few days.

In the last 72 hours, Whales have bought 1.7 billion DOGE which is equivalent to $298 million.

This rise confirms expectations that large holders are bullish on the top altcoin, and their accumulation is likely to increase further.

Furthermore, analyst Lumen has given a forecast for Dogecoin price stating that it could surge to $0.50 if it rises above $0.20 even before approval of an ETF.

This is in line with the previous patterns accumulation observed with whales preceding strong price movements.

The increased buying activity suggests that whales expect further upside in the near future.

Dogecoin ETF Approval Faces Delay

The U.S. Securities and Exchange Commission (SEC) has not given approval for the ETFs of Dogecoin, XRP, Solana, and Litecoin.

Despite the delay, experts believe that regulatory approval is inevitable, potentially triggering a bullish surge.

Nate Geraci, the president of ETF Store also believes that the SEC will eventually approve these ETFs.

The establishment of a Dogecoin ETF can provoke more institutional interest in this cryptocurrency, which can expand marketing liquidity.

The anticipation surrounding the decision has kept DOGE traders optimistic about long-term price growth.

Why $2 Remains a Key Level for DOGE Price

Several analysts have pinpointed $2 as a key level that Dogecoin should reach.

Co-founder Billy Markus has given his target of an upward movement to $2.30, which would represent about 500 % from the current levels.

Analyst Javon Marks also supports this forecast, citing historical trends that indicate DOGE’s potential surge.

According to Changelly, Dogecoin price could reach $2.30 by July 2032 if it follows past market cycles.

That said, DOGE price has crashed by 17% within the last week and dropped by 34% over the past month.

The post Dogecoin Price Path To $5 Unfolds, Key Bullish Patterns Spotted appeared first on The Coin Republic.