Key Insights:
- SEC reviews DOGE ETF, fueling speculation on institutional investment.
- Analysts spot breakout signals, citing key support and bullish technical patterns.
- Market eyes $1 target, pending ETF approval and broader crypto trends.
The U.S. Securities and Exchange Commission (SEC) has accepted an application for a Bitwise Dogecoin ETF. This has raised speculation about its potential impact on the meme coin’s price.
DOGE has been trading within a tight range recently. However, it’s now experiencing renewed bullish sentiment due to broader market trends and technical signals.
SEC Greenlights Dogecoin ETF Filing, Market Reacts
The SEC’s acceptance of Bitwise’s Dogecoin ETF application has sparked widespread discussion. The crypto enthusiast CEO reported the news on X.
In a post that immediately became popular among traders, the CEO noted the milestone. The market responded quickly, as Dogecoin rose above $0.16 after bouncing back from important support levels.
The filing marks a pivotal moment for Dogecoin, as an approved ETF could open doors for institutional investment. The SEC has not yet approved the product. However, speculation is growing about its potential impact, similar to Bitcoin’s ETF journey.
Key Technical Indicators Flash Bullish Signals
Technical analysts suggest Dogecoin’s current market structure may be forming a base for a larger breakout. Crypto analyst Kevin described this as “the last opportunity” for investors to buy DOGE at relatively low prices.
He highlighted several converging indicators:
- A back-test of the macro 0.5 Fibonacci retracement level near $0.158
- A retest of multi-year descending trend lines
- The 200-week Simple Moving Average (SMA) and Exponential Moving Average (EMA) support zone ($0.13–$0.17)
- A historically low 3-day Relative Strength Index (RSI)
Kevin argues that Dogecoin’s positioning within this range presents a strong risk-to-reward scenario for long-term holders. If DOGE holds above the $0.158 Fib level, it could reinforce the bullish thesis.
Moving ahead, it could potentially target resistance near $0.28 and higher levels at $0.47–$0.48 from previous cycles. The potential approval of a Dogecoin ETF could further boost investor confidence.
Analysts Predict Possible Breakout Amid Renewed Optimism
Dogecoin’s technical setup has not gone unnoticed among traders. Coinvo posted, “$DOGE COULD BE HEADED FOR A MASSIVE BREAKOUT!”
Ali Martinez also highlighted a bullish reversal doji forming on the weekly chart of DOGE. If confirmed, this could mark the start of a sustained uptrend, provided key support levels hold.
At the same time, Bitcoin Buddha sees a stronger rally forming. The analyst suggested: “$DOGE is showing strong momentum, with the potential for a significant rally. The biggest chads are betting heavily on this one.”
While some traders anticipate a sharp move, Dogecoin must confirm a sustained uptrend by breaking past key resistance levels. If momentum continues building, some projections see DOGE retesting its previous highs near $1 during this cycle.
Market Sentiment and Macroeconomic Factors in Play
Beyond technical indicators, macroeconomic conditions could shape Dogecoin’s price action. Kevin notes that strong employment data, falling inflation per Truflation data, and declining energy costs could bolster market sentiment.
However, he also warns of external influences. He further suggested that speculative forces attempting to sway sentiment may drive market volatility.
The memecoin’s price trajectory hinges on several key factors. This includes the SEC’s decision on Dogecoin ETF, broader crypto market trends, and the ability to sustain support above $0.158.
DOGE may maintain its footing, and bullish momentum may strengthen. Analysts believe a rally toward $0.28 and beyond could be on the table.
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.
