Dogecoin News Today: Bitcoin Trades in Narrow Range, Dogecoin Surges 9% on Bullish Patterns

Bitcoin has been trading within a narrow range, fluctuating between $117,932 and $118,185 over the past hour. This price action has sparked optimism among traders, as several bullish patterns are emerging with significant breakout potential. All major moving averages are signaling a bullish trend, further bolstering the positive sentiment in the market. This technical setup suggests that Bitcoin could be poised for a higher breakout, potentially driving prices to new heights.

Dogecoin, another prominent cryptocurrency, has also shown signs of a bullish breakout. The rally was ignited by a sharp price movement around 16:00, pushing DOGE from $0.254 to an intraday peak of $0.277 before closing at $0.271. Analysts attribute this move to the formation of a symmetrical triangle pattern, which has been consolidating for nearly ten months. The breakout signals from this pattern indicate a potential 380% rally, with a price target of $1. This bullish prediction is supported by the Relative Strength Index (RSI), which has surpassed the 50 mark, signaling strengthening positive momentum. Additionally, the Awesome Oscillator (AO) indicator shows green bars, suggesting that the bearish pressure on Dogecoin's price movement is weakening, making a breakout more likely.

The bullish sentiment in the cryptocurrency market is further amplified by the potential approval of a spot-based ETF for Dogecoin. According to recent reports, the chances of such an ETF launch are estimated at 80%, with the next SEC ruling scheduled for September 2025. This development, coupled with increased institutional interest, particularly from Nasdaq-listed crypto company Bit Origin, which has secured funding to launch a $500 million Dogecoin treasury, could drive DOGE's price to new highs. If the weekly candlestick closes above the $0.21 resistance level and buying pressure remains strong, DOGE could potentially reach the $1 target in the coming months.

The overall market sentiment remains bullish, with both Bitcoin and Dogecoin showing strong technical indicators and potential catalysts for further price appreciation. As the market eyes higher breakouts, traders and investors are closely monitoring these developments, anticipating significant price movements in the near future.