- The SEC’s acceptance of Bitwise’s Dogecoin ETF application has fueled speculation, with DOGE spiking above $0.16 as traders react to the news.
- Technical indicators suggest a potential breakout, with support at $0.158 and targets set at $0.28, $0.47, and possibly $1 if momentum holds.
- Macroeconomic factors like falling inflation, strong employment data, and market sentiment will play a key role in DOGE’s trajectory moving forward.
The U.S. Securities and Exchange Commission (SEC) has officially accepted Bitwise’s Dogecoin ETF application, fueling speculation about how this could impact DOGE’s price.
The memecoin has been stuck in a tight trading range, but renewed bullish sentiment—driven by broader market trends and technical signals—is starting to shift the momentum.
SEC Moves on Dogecoin ETF, Market Reacts Swiftly
The SEC’s decision to review Bitwise’s DOGE ETF application has stirred excitement across the crypto community. Crypto Enthusiast CEO first broke the news on X, and the post quickly gained traction among traders. DOGE spiked above $0.16, rebounding from key support zones after the announcement. While the ETF isn’t approved yet, many are drawing parallels to Bitcoin’s ETF journey, which saw massive institutional interest after the green light.
Key Technical Indicators Flash Bullish Signals
According to analyst Kevin, Dogecoin could be forming a strong base for a breakout, calling this “the last chance to grab DOGE at these levels.” Several key bullish indicators support this outlook, including a successful back-test of the 0.5 Fibonacci retracement level at $0.158, multi-year descending trendlines being tested again, and the 200-week SMA and EMA acting as support in the $0.13–$0.17 range. Additionally, the 3-day RSI is sitting at historically low levels.
Kevin believes holding above the $0.158 Fib level is critical. If DOGE maintains this range, it could build momentum toward $0.28, then possibly $0.47–$0.48, levels seen in previous cycles.
Traders Predict a Breakout: Is $1 on the Horizon?
The hype isn’t just technical—market analysts are fueling optimism. Coinvo stated outright that “$DOGE COULD BE HEADED FOR A MASSIVE BREAKOUT!” Ali Martinez highlighted a bullish reversal doji on the weekly chart, which, if confirmed, could kickstart an extended uptrend. Bitcoin Buddha suggested that “the biggest chads are betting heavily on DOGE,” pointing to strong momentum building.
While sentiment is heating up, DOGE needs to break through key resistance levels to confirm a sustained move higher. Some traders are even speculating that, if momentum continues, DOGE could challenge its all-time highs near $1 in this cycle.
Macroeconomic Factors: Will External Forces Push DOGE Higher?
Beyond technicals, macro conditions could play a huge role in DOGE’s next move. Falling inflation, as indicated by Truflation data, and declining energy costs could boost risk appetite. Strong employment data may provide additional economic stability for speculative assets. However, potential external market manipulation could drive unexpected volatility.
Ultimately, DOGE’s trajectory depends on several key factors, including the SEC’s ETF decision, broader crypto trends, and whether DOGE can hold $0.158 as strong support. If momentum keeps building, analysts believe a run toward $0.28—and possibly beyond—could be on the table.
