Dogecoin, the popular meme-based cryptocurrency, remains a focal point in the market as institutional interest surges. Despite the delay in launching the much-anticipated DOJE ETF, optimism persists among traders and analysts, who are watching closely for potential price breaks that could drive DOGE to new highs.
DOJE ETF Delay Fails to Dampen Enthusiasm
The Rex-Osprey DOJE ETF, which will primarily invest in Dogecoin, marks a significant milestone for both the meme coin community and the broader cryptocurrency industry. This will be the first U.S. ETF linked to a digital asset that openly embraces its lack of traditional utility.
Initially slated for a Thursday launch, sources have indicated that the ETF will now begin trading next week. Eric Balchunas from Bloomberg confirmed this change, tempering earlier projections regarding the launch date.
Despite this setback, investors appear undeterred. Dogecoin’s price has been on an upward trajectory, navigating through economic turbulence fueled by U.S. inflation data and maintaining levels above crucial support points.
Open interest for Dogecoin futures has surged to over $4.67 billion, up from $3.3 billion earlier in the week, suggesting both retail and institutional traders are positioning themselves ahead of the ETF’s debut.
Price Breakout Signals Strong Bullish Trend
Technically, Dogecoin is signaling robust bullish momentum. Analysts, including CryptoJoe of CoinMarketcap, point out that DOGE has surpassed a descending trend line, suggesting the beginning of an impulsive third wave rally.
This wave structure indicates a probable increase, with no immediate signs of a peak. The next corrective wave support is predicted between $0.2425 and $0.2295, providing the market with room for healthy pullbacks before continuing its ascent.
Furthermore, key moving averages continue to support this bullish scenario, as DOGE is trading well above its 50-day, 100-day, and 200-day exponential moving averages. Momentum indicators, such as MACD, remain positive, and the relative strength index (RSI) holds near 65, indicating strong buying pressure without entering extreme overbought conditions.
Aiming for Higher Targets
Chart patterns support optimistic outlooks. A symmetrical triangle breakout points to a short-term target of $0.29, while an Adam and Eve double bottom pattern suggests the potential for movement closer to $0.30.
Fibonacci extensions indicate that resistance levels could extend up to $0.37 if momentum accelerates. The upcoming ETF launch adds another layer of significance, as it is expected to attract institutional inflows similar to those seen with Bitcoin and Ethereum products, albeit on a smaller scale.
Market strategists believe that increased retail financial exposure could trigger a demand shock for Dogecoin, helping to sustain long-term rallies.
Could $3 Be on the Horizon?
For many investors, the question is not just whether Dogecoin (DOGE) can meet immediate targets, but whether it can venture into new price territories. With the cryptocurrency up over 150% in the past year, sustained movement beyond current resistance could pave the way for a more extensive rally.
If the inflows generated by the ETF materialize and market confidence remains strong, analysts suggest that Dogecoin could embark on a multi-phase rally with a realistic mid-term target of $3.
For now, the immediate resistance level at $0.25 is crucial. A decisive breakout above this threshold could affirm the bullish structure and open the way for higher levels. Traders should also monitor critical support zones at $0.22 and $0.20 in the event of a pullback.
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