Dogecoin price prediction: CEO of Ripple admits he was wrong about Dogecoin

Brad Garlinghouse has changed his previous hardline stance on DOGE, boosting the price outlook for Dogecoin with institutional recognition as a highly liquid asset. Speaking at Ripple Apex, he declared that the currency that was once a scam has become something more than a meme coin, separate from what he characterized as "get-rich-quick schemes" to become "a part of the ecosystem. It plays a role." Citing Elon Musk's ongoing support, Garlinghouse stated that Musk "wants Dogecoin to have enough liquidity to not fade away." Although he did not participate in the partnership, this concession marks a significant shift for a figure who has long maintained a position at the institutional level - opening the door for institutional acceptance. With the increasing speculation surrounding the approval of the Dogecoin ETF, Garlinghouse's comments can be seen as an initial endorsement, adding further credibility to this coin in the conversation about "the best cryptocurrency to buy". Dogecoin price analysis: Can institutions drive DOGE? Even without cooperation with Ripple, Dogecoin could still break out, according to a massive cup and handle pattern that has lasted 4 years.

DOGE is currently consolidating in a descending channel forming a handle, but the approaching confluence area may witness a breakout in the coming weeks. The main support level from the Fib 0.236 level and the historical support trendline has reinforced all major DOGE bottoms since September, which is about to intersect with the resistance level of the channel. The historical support level marking the bottom of DOGE since September could drive a breakout as it intersects with the upper resistance level of the channel, aligning with the support level from the Fibonacci 0.236. The confirmed breakthrough will set a technical target at around $0.75 - an astounding increase of 300% from the current level based on the Fibonacci extension of 1.618. The upcoming deadline is June 15 for a decision on the spot ETF for Dogecoin in the United States, which could provide the catalyst that Dogecoin needs, opening the door for investment flow from institutions if approved. Momentum indicators also indicate retail money flow. The RSI has stabilized at 45 after dipping below the neutral zone, and the MACD is tightening, suggesting a potential crossover that could change sentiment. Although the setup is not optimistic, it is also not pessimistic. This fragile balance indicates that any increase in volume or sentiment could shift the scales. If the historical support level becomes a basis for accumulation, DOGE could eventually break the handle structure and continue the long-term uptrend.