Dogecoin Drops 10.817% Amid Bullish Patterns, ETF Speculation

Dogecoin's latest price was $0.1927, down 10.817% in the last 24 hours. The popular meme coin has been in the spotlight recently due to various developments and analyses. A crypto analyst, Trader Tardigrade, highlighted an Ascending Triangle pattern on Dogecoin's daily chart, which is typically a bullish signal. This pattern suggests that Dogecoin could be poised for a significant breakout, with the potential to reach higher levels once it breaks above the resistance line. The analyst noted that Dogecoin has already completed four key touches with the triangle, indicating a strong setup for a potential rally.

In addition to the Ascending Triangle pattern, a converging wedge pattern on the Dogecoin H4 chart further supports the bullish outlook. This pattern signals a period of price compression before a breakout, with Dogecoin currently trading within two gradually narrowing trendlines. The support line is a critical juncture that could determine Dogecoin's next major move, and the current wedge structure suggests that bulls may soon take control, driving the price beyond the upper resistance line.

Asset manager 21Shares has filed an amendment for its Dogecoin ETFs, which it initially submitted last month. This development comes after the US Securities and Exchange Commission (SEC) acknowledged the filing, starting the review process. The amended application indicates that the SEC is in communication with the asset manager, providing optimism about a potential approval. However, the SEC recently delayed its decision on Grayscale’s Dogecoin ETF application, with the next deadline set for August 19. Bitwise has also filed for a Dogecoin ETF, but the SEC delayed its decision following the first deadline, with the next deadline on June 15.

Polymarket data shows a 69% chance of the SEC approving a Dogecoin ETF by December 31, with a 15% chance of approval by July 31. Several factors are influencing Dogecoin’s market performance. Technical analysis suggests a possible surge to higher levels, driven by bullish patterns and ETF speculation. Whale activity indicates that large investors are accumulating DOGE, signaling growing confidence and a decreasing available supply. Market sentiment is also bullish, with analysts predicting a significant increase in the price, potentially reaching higher levels by June 2025. These developments suggest a positive outlook for Dogecoin in the near term.

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