Over the past 24 hours, the Dogecoin (DOGE) meme token has risen in price by almost 9% to $0.1716. This is still 65% below the maximum price recorded in November last year. However, the asset has the prerequisites for further growth.

Based on the daily chart, the DOGE rate may grow by another 45% above the current level, that is, to $0.2290. Since November, the asset has been forming a “falling wedge” pattern, the upper side of which connects the highest levels since December 8, and the lower side connects the lowest levels since November last year.

These two trend lines are now approaching the intersection point where breakouts usually occur. In addition, the relative strength index has broken through the neutral level of 50, indicating that momentum is increasing.

Other technical indicators also suggest that DOGE is likely to rally in the coming days, especially if Bitcoin continues to approach the psychological $100,000 mark.

Dogecoin has a number of fundamental catalysts that could push its price higher in the coming weeks. Most notably, Paul Atkins has become the new chairman of the U.S. Securities and Exchange Commission, making it more likely that he will approve a DOGE spot ETF from Grayscale and Rex-Osprey.