Dogecoin maintains key support near $0.142 as ETF optimism drives market confidence and speculation about regulatory approval increases.
Long traders have returned to DOGE futures, pushing the long/short ratio above 1 while paying positive funding rates to sustain their positions.
A double bottom pattern and weakening ADX support potential for a recovery, with the $0.47 target becoming more likely if momentum continues.
Dogecoin remained steady at $0.16 on June 27 after facing heightened volatility throughout the month. The cryptocurrency had a 0.3% decline in the last 24 hours but did not fall below essential support levels, which was an indication of increasing trust among the bulls in transactions.
The price that ranges around 0.13 dollars has been providing a firm standing ever since November of the year 2024. This level has become a key reference point for traders, especially following renewed speculation surrounding a potential spot Dogecoin exchange-traded fund.
Bitwise recently submitted an amended S-1 filing for a DOGE ETF, leading to increased speculation across the market. According to Polymarket, around 70% of traders now expect regulatory approval by year-end.
Futures Traders Boost Long Positions
Market optimism has led to a noticeable uptick in long positions. CoinGlass data shows that the DOGE long/short ratio climbed above 1, a signal that bullish traders are taking control of momentum.
The funding rate for Dogecoin futures also remains positive, confirming that long traders are paying premiums to maintain their bets. This shift indicates increased confidence in a potential price rebound.
Bullish indicators are backed by technical patterns. It has created a double bottom formation on the weekly chart, which is generally considered an early take-off stance toward an eventual bearish reversal.
Bulls have repeatedly defended the $0.142 support area, including in April 2025 and again this month. Should the price continue to hold, resistance is expected near $0.26. Surpassing this level could position the asset toward a potential target of $0.47.
Indicators Show Weakening Downtrend
The ADX is also moving in a downward direction, and it is an indication that the previous downtrend is weakening. This change is in line with the anticipation of a recovery.
The values of the Relative Strength Index (RSI) are, however, just below 50 points. A breakout above that zone would reinforce the existence of an upward buying pressure and raise the chances of further continuation of the ongoing trend.
The post DOGE Price Steadies at $0.16 Amid ETF Rumors and Support Defense appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
