Grayscale has recently made history by submitting an ETF application for Dogecoin (DOGE), marking the birth of the first memecoin ETF. As one of the most representative projects in the cryptocurrency space, this application for Dogecoin undoubtedly brings new momentum to the entire industry.
The U.S. Securities and Exchange Commission (SEC) recently set a clear deadline, requiring the approval of various cryptocurrency ETF applications, including Dogecoin, to be completed before October. The market is full of anticipation, especially as Bloomberg analysts estimate a 90% chance of Dogecoin's approval. This optimistic sentiment is also reflected on the Polymarket platform, where traders expect the probability of ETF approval to reach 68%. If successful, this will not only boost the value of Dogecoin itself but may also bring new breakthroughs to the entire memecoin sector.
DOGE Price Prediction: Is a Double Bottom Pattern Forming?
Powell hinted in his speech at Jackson Hole that a rate cut may occur in September, which quickly spurred a market rebound. Especially after cryptocurrencies and the stock market experienced sustained downward pressure, this policy shift has sparked expectations for the Federal Reserve to take further measures to support economic growth, leading to a swift shift in market sentiment towards optimism.
In this context, the price of Dogecoin (DOGE) has also performed well, rebounding 7% in a short period. This rebound may mark the beginning of Dogecoin forming a double bottom pattern, which is typically a strong bullish signal in technical analysis, indicating potential significant gains.
Technical Analysis: Positive Signals from RSI and MACD
The Relative Strength Index (RSI) currently remains at a neutral level of 51, indicating that Dogecoin still has room to rise before a pullback. Meanwhile, the MACD indicator shows a robust trend, with the blue line successfully breaking through, indicating further upward potential. If Dogecoin can break through the previous key resistance level (the red trend line), it is very likely to lead the next wave of memecoin price increases. Currently, $0.20 remains a strong support level for Dogecoin, maintaining above this level will provide assurance for further upward movement.
When will DOGE break through $1?
If Dogecoin can hold its current support level and break through $0.43 with a strong weekly close supported by volume, DOGE's price is expected to challenge the $1 mark in the coming months. The realization of this target will be influenced by macro liquidity, the overall performance of the cryptocurrency market, and whether the current upward trend can be maintained during pullbacks.
Bullish structure gradually forming
From the weekly chart, the price of Dogecoin has shown a strong bullish trend, with the continuous rise of support levels indicating that the market is gradually accumulating and providing a solid foundation for price increases. If the trend continues, DOGE may rebound to $0.43, or even break through the Fibonacci extension target of $1.08.
Weekly volume data shows that buyer confidence in the market remains strong, with support found on every pullback, indicating that investors are actively accumulating chips, suggesting a potential breakthrough in the future. As Dogecoin's long-term structure stabilizes and price lows continue to rise, the market's focus is beginning to concentrate on whether it can break through key resistance levels and reach the $1 milestone before the end of the year.
Conclusion
The long-term structure of Dogecoin shows significant turning points, with rising support levels and improved technical indicators, making the outlook for DOGE full of potential. With Grayscale submitting an ETF application and the overall market recovering, Dogecoin is expected to usher in new breakthroughs in the coming months. For investors, now is the best time to focus on DOGE and position for future gains.
