Grayscale's latest news! Dogecoin ETF application submitted, analysts bullish on $1.40 target.

Grayscale recently filed an S1 with the U.S. Securities and Exchange Commission (SEC), proposing a Dogecoin trust ETF. Named "Grayscale Dogecoin Trust ETF" (ticker symbol GDOG), if approved, it will be listed on the New York Stock Exchange Arca. The ETF's primary purpose is to allow investors to easily buy and sell Dogecoin without directly holding the coins, with Coinbase providing custody.

This ETF will not actively trade, nor use leverage or derivatives. It is a trust that passively tracks the market value of Dogecoin. It uses the Dogecoin price published by CoinDesk as a reference, with no additional fees.

The project is currently in the approval process, and no shares have been issued. However, if approved, it is expected to serve as a bridge for institutional investment in Dogecoin, potentially driving a new wave of interest in the meme coin market.

Dogecoin's price pattern is attracting attention.

Trader Tardigrade, on the X platform, noted that the Dogecoin chart is showing an "expanding wedge," a typical bullish pattern consisting of a series of higher highs and higher lows. During past bull runs, Dogecoin saw a 120% gain between $0.22 and $0.48, followed by a 190% surge to $0.77. If the current momentum continues, analysts anticipate a price target of $1.40.

The daily chart shows that Dogecoin has been trading in a narrow range between $0.21 and $0.30 since February, forming steadily higher lows and strengthening buying sentiment. A sustained breakout above $0.25 could extend the short-term rally to $0.30 and further challenge $0.50. The Relative Strength Index (RSI) is neutral to positive, suggesting further accumulation before a breakout.

Simply put, the progress of the Dogecoin ETF application has generated market expectations, and technical indicators also suggest that it is building upward momentum. If you're interested in Dogecoin, this may be an opportunity worth considering.

The above content is for informational purposes only and does not constitute investment advice! Investing involves risk; proceed with caution!

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