Dogecoin News Today: Dogecoin Surges 7.75% as ETF Approval Odds Jump to 71%

The price of Dogecoin (DOGE) has recently shown signs of bullish momentum, trading at $0.24 as of August 9 — up 7.75% in the last 24 hours — following a breakout above a multi-week resistance level of $0.23. This movement has sparked speculation among traders that DOGE may be setting the stage for a larger rally, potentially toward the $2 level, should the current upward trend continue [1]. Analyst Crypto Patel notes an accumulation zone between $0.18 and $0.23, where large investors have been quietly building positions. Patel sees this range as a key buffer and suggests that a drop below $1.50 is unlikely, giving whales confidence to add to their holdings [1].

On-chain activity further supports the bullish case. According to Hyperliquid data, over $12 million in long positions were opened on DOGE within the last 24 hours, signaling institutional confidence in the coin’s upside potential [1]. This surge in leverage suggests that major players are anticipating a continued breakout rather than a short-lived rally.

Market sentiment is also being driven by growing speculation around the U.S. Securities and Exchange Commission (SEC) potentially approving a spot Dogecoin ETF. On Polymarket, the odds of approval have risen sharply, jumping from 51% to 71% in just a day. This optimism is partly fueled by a broader shift in U.S. policy, including President Trump’s proposed inclusion of cryptocurrencies in 401(k) retirement plans, which could lead to increased mainstream adoption [1].

Meanwhile, technical indicators show a mixed but generally positive picture. DOGE has been consolidating between $0.22 and $0.25, with traders watching key levels to determine the next direction of the market. A drop below $0.2500 is seen as a potential trigger for a short-term bearish move toward $0.2450, while a retest of $0.2565 could lead to a push toward $0.2650 in the coming weeks [7].

Long-term price forecasts vary, but some analysts see DOGE reaching $0.39 by the end of 2025, with the potential to climb as high as $1.50 over a longer timeframe [4]. Others point to the possibility of a 2024 fractal pattern repeating, which could see DOGE rise to $1.60–$2.00, particularly if the monthly RSI forms a bullish cross [6]. Such a move would align with both whale activity and broader market sentiment favoring DOGE as a potential beneficiary of crypto inclusion in traditional investment vehicles [9].

While these bullish signals are encouraging, they remain speculative. Analysts caution that the market is still highly volatile and that favorable macroeconomic and regulatory developments will be key to realizing such projections [4]. For traders, the focus will be on whether the $0.23 breakout holds as new support and how quickly regulatory developments unfold [1].

Source:

[1] DOGE Price to $2- Analyst Predicts Bullish Rally As ETF ... (https://coingape.com/markets/dogecoin-price-2-analyst-bull-rally-as-etf-approval-odds-surge-and-whales-open-12m-longs/)

[2] Dogecoin News Today: Dogecoin Rises 7.05% Amid Key ... (https://www.ainvest.com/news/dogecoin-news-today-dogecoin-rises-7-05-key-resistance-tests-bullish-momentum-2508/)

[4] Dogecoin Price Prediction: 2025, 2026, 2027 - 2030 (https://coinpedia.org/price-prediction/dogecoin-price-analysis/)

[6] Latest DOGECOIN News, Opinions and Feed Today (https://www.binance.com/en/square/hashtag/DOGECOIN)

[7] Page 12 - TradingView (https://www.tradingview.com/symbols/DOGEUSDC_EA5FDC.USD/ideas/page-12/)

[9] Ethereum's Weekly Breakout Signals Bullish Surge, Eyes (https://www.facebook.com/Tronweekly/posts/-ethereum-surges-nearly-14-this-week-breaking-4000-for-the-first-time-since-dec-/139****619261427/)