- Dogecoin has surged 4% to $0.20 amid growing optimism about a potential Dogecoin ETF, with analysts estimating a 67-75% chance of approval in 2025.
- Technical indicators, including a Dragonfly Doji pattern and bullish RSI and MACD signals, suggest a possible upward trend if DOGE breaks key resistance levels at $0.2050 and $0.2120.
Dogecoin (DOGE), the original meme cryptocurrency, has surged by 4% in the past 24 hours, reaching the $0.20 mark. This price increase aligns with growing optimism surrounding the potential approval of a Dogecoin exchange-traded fund (ETF) in the United States. While Dogecoin remains known for its volatility, recent technical signals suggest a possible trend reversal in its favor.
The Rising Chances of a Dogecoin ETF
Investor sentiment has been buoyed by the increasing probability of a Dogecoin ETF approval. Market analysis from Polymarket estimates a 67% chance of approval, while Bloomberg analysts are even more optimistic, projecting a 75% probability for 2025. Bitwise and Grayscale are leading the ETF filings, with the SEC actively reviewing these applications. Bitwise’s proposal includes Coinbase Custody managing DOGE holdings and Bank of New York Mellon overseeing cash assets, reinforcing the credibility of this potential ETF.
Technical Analysis: DOGE at a Crucial Support Level
Despite recent gains, Dogecoin’s price movements have been erratic. The cryptocurrency recently faced rejection at the $0.2400 resistance level, triggering a downturn that found support at approximately $0.1850. This level is now a key battleground between buyers and sellers. If DOGE holds above this support, a potential bullish reversal could occur, but a break below may lead to further declines.
Short-term resistance levels to watch include $0.2050 and $0.2120, which align with Fibonacci retracement levels. If DOGE surpasses these marks, it could signal a shift in momentum toward higher prices. Conversely, a dip below $0.1820 may result in further declines toward $0.1740 or even $0.1650.
Bullish Indicators: Can DOGE Break Resistance?
A bullish Dragonfly Doji pattern has emerged on Dogecoin’s daily chart, often signaling a market reversal. This pattern, identified by popular trader Trader Tardigrade, suggests that a breakout above $0.2150 to $0.22 could validate bullish momentum, attracting more buyers. Additionally, the Relative Strength Index (RSI) is moving out of oversold territory, and the Moving Average Convergence Divergence (MACD) recently crossed positively—both strong indicators of potential upward movement.
With growing ETF optimism and technical indicators suggesting a reversal, Dogecoin’s price trajectory remains an exciting watch. If the bullish signals play out, DOGE could aim for a sustained breakout, but investors should stay cautious given its history of sharp price swings. The coming weeks will be crucial in determining whether Dogecoin can ride the ETF wave to new highs or face another round of corrections.
