Dogecoin Surges 45% on DOGE ETF Hopes, Bitcoin Rally
2min read Dogecoin's price has been on a remarkable ascent, driven largely by speculation surrounding the potential approval of a Dogecoin Exchange-Traded Fund (ETF). This surge in interest has been fueled by a combination of factors, including the overall momentum in the cryptocurrency market and the recent surge in Bitcoin's price. The anticipation of a DOGE ETF has sparked bullish sentiment among investors, despite the cryptocurrency trading at frequent lows in recent weeks. Major asset managers have been closely monitoring the situation, adding to the speculation and excitement.
The potential approval of a DOGE ETF has been a significant driver of Dogecoin's recent rally. Investors are hopeful that an ETF would provide a more accessible and regulated way to invest in Dogecoin, potentially attracting a broader range of investors and increasing the cryptocurrency's liquidity. This anticipation has led to a surge in wallet activity, further fueling the price increase. The bullish sentiment is also bolstered by the overall positive sentiment in the cryptocurrency market, with Bitcoin reaching a two-month high and other major cryptocurrencies gaining between 7% and 11%.
Dogecoin's price has been consolidating around the $0.1500 zone against the US Dollar, with analysts predicting that it could aim for an upside break above the $0.1650 level. This consolidation phase is seen as a positive sign, as it indicates that the cryptocurrency is building momentum for a potential breakout. The recent surge in Bitcoin's price, driven by increased institutional buying and easing trade tensions, has also contributed to the overall positive sentiment in the cryptocurrency market. This has led to a rally in altcoins, with Dogecoin being one of the top performers.
Another bullish indicator for Dogecoin is the current standing RSI at 50 points, which signals an increase in volume. As such, with the bullish volume increasing, investors show confidence in the future of the token. The Stochastic Oscillator has also gone into the overbought range, signaling the continuation of the DOGE rally. One other possible bullish variable is the ongoing surge of Bitcoin. Cryptocurrency usually follows the lead of Bitcoin in price increases or decreases. As such, with the current BTC price, we can see a $100K soon, which will push the whole market higher.
Additionally, other than technical bullish signals, there are also some fundamental bullish signs, like the recent change in SEC leadership. Paul Atkins has now officially become the new Securities and Exchange Commission Chair. This pro-crypto figure is expected to completely change the SEC’s approach related to various crypto matters. One such matter is the pending approval of DOGE ETFs, which could be revolutionary for this token. As of now, Grayscale and Rex-Osprey, two big players in the financial world, have requested approval for a spot DOGE ETF. If approved, we can see the institutional investments in DOGE skyrocket, as well as the increase in the Dogecoin price.
The DOGE whales have also been continuing their accumulation, which means they believe the price will be rising even higher. The market data shows that the number of investors who are holding between 100 million and 1 billion tokens is increasing. However, the threat of another bearish reversal because of another one of Donald Trump’s unexpected economic moves remains. Most of these tariffs are currently on pause, and the tariffs on Chinese products reached a new high recently.
Based on the technical signals, this token can even see another 45% increase in value. This means that the DOGE token price is set to reach a new peak. Additionally, the DOGE price has already broken out of the upper trend line of this wedge. Additionally, the upper and lower trendlines are now closing in on the convergence point. This signals that the breakout will likely continue and that the price surge has strength. Moreover, the Dogecoin price action has also created a double bottom at the $0.1445 level.
