Dogecoin News Today: Grayscale Files First U S Dogecoin ETF as Price Hits 2 Near Resistance

Dogecoin has recently formed an ascending broadening wedge pattern on weekly charts, drawing attention from technical analysts who suggest a potential price target of $1.4 if the pattern holds [1]. This bullish chart formation is being interpreted as a sign of consolidation before a possible breakout, with the price currently oscillating between a rising support level and an upper resistance. Traders are monitoring key resistance levels, particularly $0.20, $0.30, and $0.50, as a successful breakout could signal a larger upward move [1].

Alongside the technical outlook, Grayscale has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for a spot Dogecoin ETF, marking a potential milestone for the asset’s institutional adoption. If approved, the ETF would be the first of its kind for Dogecoin in the U.S. market and would trade under the ticker GDOG on NYSE Arca [1]. The filing details that Coinbase Custody will serve as the proposed custodian, with shares issued in blocks of 10,000, settled in cash rather than in Dogecoin [1]. The announcement has already sparked a near 2% price increase in Dogecoin, reinforcing the growing interest among both retail and institutional investors [1].

Historically, Dogecoin has shown strong price action during periods of favorable technical formations and heightened retail participation. Analysts have drawn comparisons between the current chart setup and past growth cycles, with some noting the artistic symmetry in the price structure [1]. The recent trading volume, which has ranged between $500 million and $1 billion daily, further supports the notion of increased liquidity and trader activity, providing a solid foundation for potential price movement [1].

The broader market sentiment is cautiously optimistic, particularly for cryptocurrencies with strong social media presence and clear institutional pathways. Dogecoin, which experienced a significant rally in 2021 driven largely by retail demand, could see a repeat scenario if the combination of technical strength and institutional infrastructure aligns [1]. However, as with all technical patterns, the ascending wedge is not a definitive indicator of an upward move. A breakdown below the lower trendline could trigger a short-term pullback, even as long-term bullish fundamentals remain intact [1].

Grayscale’s ETF application also reflects a broader trend in the crypto market, where traditional financial institutions are increasingly engaging with digital assets. The firm’s prior success with Bitcoin and Ethereum ETFs adds credibility to its proposal and highlights the growing acceptance of crypto among mainstream investors [1]. Nevertheless, the final outcome of the SEC review remains uncertain, and no official approval has been granted at this time [1].

Source:

[1] https://coincu.com/analysis/dogecoin-ascending-wedge-pattern-sparks-optimism-as-grayscale-seeks-etf-approval/

[2] https://coincu.com/analysis/bitcoin-stumbles-post-ath-but-160k/

[3] https://www.bitget.com/price/spark/price-prediction