Grayscale has just made history by submitting an ETF application for Dogecoin, marking the birth of the first memecoin ETF. There is no doubt that this ETF is for Dogecoin (DOGE), one of the oldest currencies in the cryptocurrency space.
The U.S. Securities and Exchange Commission (SEC) recently set a deadline for ETF applications for various cryptocurrencies, including Dogecoin, to be completed by October. The excitement surrounding the potential approval of Dogecoin is quite high, especially as Bloomberg analysts estimate a 90% chance of approval.
Traders on Polymarket are also quite optimistic about the approval of the Dogecoin ETF, estimating a probability of approval as high as 68%. If approved, it would be a major advancement for Dogecoin and memecoins.
Doge Price Prediction: Will Dogecoin form a double bottom?
After Powell hinted at a possible rate cut in September, the market surged significantly. His speech at Jackson Hole quickly reversed the recent downtrend in cryptocurrencies and the stock market, sparking a new wave of optimism about the Fed possibly stepping in to support economic growth.
Dogecoin (DOGE) is no exception, immediately experiencing a 7% rebound, potentially forming a double bottom pattern, which typically signals substantial potential gains.
RSI supports a bullish judgment, currently at a neutral level of 51, which means there is still room for upside before a pullback. The MACD line is also performing robustly, having broken through the blue line.
If Dogecoin (DOGE) can break through the previous resistance level (red trendline), it may lead to a new wave of upward movement for memecoins. The support level remains unchanged (0.20), which is an important support level for maintaining price above.
Based on the current structure, when can Dogecoin reach $1?
If Dogecoin maintains the upward support level and breaks decisively above $0.43 with confirmed volume, momentum could drive the price to the $1 region within months. The timeframe depends on macro liquidity, the strength of the broader cryptocurrency market, and the ability to successfully hold the rising trendline during pullbacks.
Dogecoin is holding above the upward support level, and a bullish structure is forming. Key levels suggest a breakthrough of $1 in the coming months.
The weekly chart for Dogecoin shows a bullish pattern, with rising support levels, indicating strong upward movement towards key resistance levels.
Fibonacci extension shows that if momentum continues and the current trendline remains unchanged, DOGE could rebound to $0.43 or even $1.08.
The weekly candlestick chart shows sustained buyer interest, finding support on every pullback—indicating accumulation and potential future breakthroughs.
As Dogecoin's structure stabilizes over the years, its price is showing significant signs of a turnaround. With the price lows consistently rising, all eyes are on whether Dogecoin can break through key resistance levels and surge towards the $1 mark before the end of the year.
