- Bitwise has developed the BITWISE DOGECOIN ETF and is preparing for an SEC filing.
- This occurs when the departure of former SEC Chair Gensler raises hopes for the approval of cryptocurrency ETFs.
- Following this, Crypto Analyst Ali Martinez predicted a potential rise to $15 in the short term.
Crypto Index Fund Manager Bitwise took the first steps towards creating a Dogecoin ETF with its filing. The asset management firm launched the ‘BITWISE DOGECOIN ETF’ as a statutory trust.
It accomplished this through the CSC Delaware Trust Company in Wilmington. The same was indicated in the January 22nd filing.
According to the observers, the Delaware registration represented the first administrative step. This step may lead to the eventual launch of an ETF.
Moreover, the street anticipates Bitwise will soon submit its necessary papers to the SEC. According to Bloomberg ETF, the BITWISE DOGECOIN ETF requires regulatory approval to become operational. At the same time, it might enter the market by April 2025.
How did DOGE Price React to the Bitwise ETF News
Following the BITWISE DOGECOIN ETF entity launch, the Dogecoin price reacted positively. Furthermore, the token surged over 2% intraday.
At press time, the DOGE price was trading at $0.3627. Its market cap surged to $53.59 Billion, ranking 7th in the overall market.
However, it hovers in a narrow range and struggles to climb past the 20-day EMA mark. This represented a lack of bullish momentum.
Futures Prospects in a Changing Regulatory Environment
SEC Chair Gary Gensler’s departure sparked an industry-wide discussion regarding ETF approvals. He withheld crypto ETF approvals during his tenure to defend investors from unpredictable market conditions.
The change in leadership brings optimism about approving crypto ETFs, including those offering Dogecoin.
However, the recent approvals of Bitcoin and Ethereum ETFs set a positive example. These examples boost the chances of potential approval for the Dogecoin ETF.
The transition opens a gateway for institutional investment. It might expand Dogecoin’s market reach by establishing regulated investment methods.
Can DOGE Price Hit $15: Here’s What the Analyst Predict
A recent post by Ali Charts on X highlighted that the Dogecoin price has been riding gains within a long-term ascending channel. It consisted of higher high swings.
The channel comprised three parallel trend lines, and the lowest trendline was supported since 2017.

The middle line of the channel has recently been tested by the DOGE price around $0.40. The token further acted as a barrier in the last few sessions.
However, the channel’s upper trendline was placed around $12-$15. Moreover, Ali forecasted a potential upsurge to $15 in the long term.
Dogecoin Price Analysis: Key Levels To Watch Out
For the past two weeks, the DOGE price has retested the resistance zone of $0.40 multiple times but failed to surpass it. It hovers around the 20-day EMA and struggles to grab significant momentum.
The daily RSI line was at neutral 50, which signifies flat price movements and stable trends. However, the On-Balance-Volume (OBV) stayed at higher levels. This conveyed steady accumulation among market participants.
In the last 24 hours, the Open Interest (OI) has risen over 1.81% to $4.56 Billion. Additionally, an OI-weighted funding rate of 0.0079% implied a bullish outlook.
The immediate support zones were $0.3580 and $0.3400. At the same time, the resistance zones were $0.3800 and $0.4000.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.