In short
Dogecoin forms a rare diamond bottom pattern, indicating a potential bullish trend.
The anticipation of ETF approvals has increased market activity and institutional interest.
Investor long-term holding behavior indicates reduced selling pressure.
Dogecoin has attracted widespread attention as it forms a rare diamond bottom pattern on the daily chart. Technical analyst Trader Tardigrade emphasizes that this pattern may signal an upcoming bullish trend. Several indicators show that prices could soar by 105%. Although prices have fluctuated in recent weeks, the overall bullish trend has remained dominant throughout the month.
Technical analysis results
The DOGE/USD daily chart shows a diamond bottom formation, indicating a potential upward reversal after a long downtrend. Analysts report that the breakout point is in the range of $0.165 to $0.17. Some indicators and charts suggest that this currency pair could rise to $0.35.
Anticipation of ETF approval
The market has begun to anticipate the potential listing of a Dogecoin exchange-traded fund (ETF). Companies like Bitwise, 21Shares, Grayscale, and REX Shares have announced they are awaiting approval from the U.S. Securities and Exchange Commission. According to Polymarket data, the likelihood of ETF approval has risen by 25%, with a probability as high as 63% by the end of 2025.
Additionally, data from IntoTheBlock shows that the time investors have held Dogecoin (DOGE) has significantly increased over the past 90 days. The holding period of traded Dogecoin has increased by 526%. This behavior is similar to investor activity during the 2021 bull market. The increase in long-term holding habits may alleviate selling pressure and help stabilize prices.
According to Ali Charts, support is being tested at $0.167.
Ali Charts states, 'If this level is maintained, a recovery may occur between $0.175 and $0.183.'
Both analysts emphasize the importance of maintaining the range of $0.165 to $0.167 for sustaining the bullish momentum.
The Positive Momentum Oscillator (PMO) indicates that an increase in buying volume could enhance gains, as current technical indicators suggest that momentum will persist if support levels hold.
Experts point out that with ETF approvals, institutional investors may increase their market participation, potentially driving demand higher. Coupled with positive technical signals, this could push prices above $0.255, entering a stronger upward trend.
This development is closely monitored by investors and market observers, holding significant importance from both technical analysis and institutional fund movements. Price indicators and investor behavior suggest that Dogecoin may experience an upward trend in the near future.
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