Dogecoin price is rallying sharply as a combination of a technical breakout and growing ETF speculation fuels bullish momentum, with price action pointing toward a potential move to $0.33.
Summary
- Dogecoin price breaks out of a symmetrical triangle on high volume, targeting a potential move toward $0.33 if confirmed above the $0.23 level.
- REX Shares and Osprey Funds have filed for the first Dogecoin ETF, using the 1940 Act to bypass SEC delays and potentially launch as early as this week.
Dogecoin (DOGE) price is up 7% in the past 24 hours with trading volume surging over 160%, as bulls attempt a breakout from a long-standing symmetrical triangle pattern, formed by a descending upper trendline and an ascending lower trendline.
Yesterday’s 5% gain signaled a potential resolution of the tightening consolidation into the triangle’s apex, while today’s candle is testing a decisive breakout, currently trading above the upper trendline. A daily close above this level (~$0.23) would confirm the breakout.
The height of the triangle is approximately $0.10, projected from the breakout point (~$0.23), which gives a technical target around $0.33, assuming clean breakout confirmation. However, if Dogecoin price loses $0.22 and closes back inside the triangle, it risks a fakeout scenario, potentially triggering a retrace to $0.20.
What’s driving Dogecoin price?
Apart from the technical breakout, fundamental catalysts are also contributing to Dogecoin’s recent surge — most notably, growing speculation around the imminent approval of a Dogecoin ETF.
Last week, news broke that REX Shares — the firm behind the first Solana staking ETF — in partnership with Osprey Funds, filed for the REX-Osprey™ DOGE ETF, and could potentially launch as early as this week.
Unlike other pending crypto ETFs, REX is leveraging a less commonly used regulatory structure under the Investment Company Act of 1940 (the “40 Act”), allowing it to bypass traditional SEC bottlenecks such as the 19b-4 process.
Source link