As speculation around the Rex-Osprey Dogecoin ETF heats up, Dogecoin (DOGE) leads the altcoin market. In the past 24 hours, this meme coin has surged 7% to $0.231, with daily trading volume skyrocketing by 123% to $2.6 billion.
According to the data from the prediction market Polymarket, the probability of Dogecoin ETF being approved this week is as high as 94%. Experts believe that this approval may mark a turning point for Dogecoin, potentially allowing it to compete alongside Bitcoin and Ethereum, entering the ranks of regulated ETFs.
Nate Geraci, President of NovaDius Wealth Management, pointed out on X that "the first Dogecoin ETF is likely to launch this week," which has excited the entire crypto community.
Analysts have higher expectations for Dogecoin (DOGE)
Technical analysts remain optimistic, as Dogecoin is currently in a long-term logarithmic uptrend.
The chart pattern highlights an expanding wedge, which historically has been associated with explosive rebounds. Analysts currently point out that $1.40 is the next major resistance level, with some forecasts suggesting that if the ETF-driven momentum continues, the stock will move towards $1.50.
DOGE futures open interest surged by 14.5% to $3.81 billion, with options trading volume increasing more than twofold. The bias towards bullish positions indicates strong confidence among traders, but analysts warn that breaking through resistance levels could trigger a significant pullback.
Despite short-term volatility risks, long-term forecasts remain bullish. Cryptocurrency strategist Javon Marks even predicts that Dogecoin (DOGE) could increase by 860%, targeting a price point of $2.28 in the next major cycle.
Altcoins join the upward trend
The surge of Dogecoin has boosted the market, with XRP, Solana (SOL), and Hyperliquid (HYPE) also recording gains.
The optimism is driven not only by ETF speculation but also by expectations that the Federal Reserve will cut interest rates by 50 basis points at the meeting on September 17. A dovish policy shift could inject new liquidity into risk assets, further supporting the momentum of altcoins.
If the Dogecoin ETF is approved, it will become the first investment product linked to meme coins listed in the United States. This milestone is expected to expand participation from institutional investors, solidify Dogecoin's market leadership, and lay the groundwork for its next price breakout.
Currently, all eyes are on the regulators. Market sentiment is strong, and technical indicators are also signaling bullishness, with the market closely watching whether Dogecoin can maintain its upward momentum and reach the highly anticipated $1.50 mark.
