Grayscale has just made history by submitting a Dogecoin ETF application, marking the first memecoin ETF ever. It’s no surprise for Dogecoin (DOGE), one of the oldest dog-themed cryptocurrencies in the game.
The U.S. Securities and Exchange Commission recently set a deadline to resolve various token ETF applications, including Dogecoin, by October. There is considerable excitement about the potential approval, especially since Bloomberg analysts estimate the likelihood of approval at 90%.
Traders on Polymarket are also quite optimistic about the approval of the Dogecoin ETF, with odds at 68%. If the approval goes through, it would be an important step forward for Dogecoin and the entire memecoin sector.
Doge Price Prediction: Dogecoin Double Bottom?
The market received a significant boost after Powell hinted at a possible rate cut in September. His speech at Jackson Hole quickly reversed the recent downturn in both cryptocurrency and stock markets, sparking new optimism about the Federal Reserve potentially intervening to support growth.
The price of Dogecoin (DOGE) was no exception, immediately rebounding by 7%, potentially forming a double bottom pattern, which is often a prediction of significant potential gains.
The RSI supports a bullish case, sitting at a neutral level of 51, leaving more room for upside before a pullback. The MACD line also looks solid, crossing above the blue line. If DOGE can break through the previous resistance level (red trendline), it may lead to a new round of rebounds for memecoins. Support remains unchanged at (0.20), with its price holding above this important level.
