- The coin is currently struggling, with its price stuck at $0.19
- The affiliated treasury firm of DOGE is set to go public in the United States
- Dogecoin’s long-term social support remains strong
The popular memecoin Dogecoin (DOGE) is in a challenging position to maintain its momentum. The coin is currently struggling, with its price stuck at $0.19. The token has been circling between $0.19 and $0.20 for the last 24 hours. At press time, the coin is trading at $0.1912 with a 1.98% decrease.
According to recent reports, DOGE’s price is looking to replicate a cycle breakout, and it could be on track to create a new all-time high. Let’s look at whether this breakout is also applicable for this month’s end.
Also Read: Dogecoin (DOGE) Price Eyes $0.25 Rally Amid Strong Accumulation Signals
Dogecoin on the Verge of Public Listing
The affiliated treasury firm of DOGE is set to go public in the United States. This makes positive news for the token’s holders. This very news also helps the coin to be differentiated from its current status as a memecoin to a token with more opportunity for growth, real-life use cases, and recognition. Also, this action is a symbol of institutional adoption, making the DOGE more appealing to traditional traders by filling the gap between cryptocurrency with stock markets.
According to CoinGlass, the coin has experienced a declining rate of 1.98%. And the same trend has been going on for the past few days, with a declining rate of 6.62% for the coin.
Source: CoinGlass
Broader Market Sentiment Turns Cautious
According to CoinMarketCap, 85% of the investors believe that the coin has a bullish momentum coming. The rest 15% says that DOGE will have a more bearish trend in the coming days.
According to CoinCodex, the coin might have an average price of $ 0.2086 and a maximum price of $ 0.2423 in the month of October. The potential ROI of the coin is 28.14%. If the prediction comes true, the coin might experience a bullish momentum.
While Dogecoin’s long-term social support remains strong, the present market structure indicates that bulls may need to wait for a larger recovery in cryptocurrency sentiment before hoping for another rally.
Also Read: Dogecoin Price Surges 5% as Whale Accumulation Signals Bullish Reversal Toward $0.86
