Key Takeaways
- Dogecoin’s (DOGE) price rallies above $0.25 for the first time in months following rumors of an ETF.
- DOGE ETF launch could spark institutional adoption as price could rally like Bitcoin.
- A breakout for DOGE above $0.3 key resistance could see the price maintain a bullish rally towards $0.5.
Dogecoin (DOGE) has been the talk of the market in the last few days, following the price of DOGE rallying from a region of $0.2 towards $0.25 for the first time in months, as the price edges closer to a potential rally to new highs.
The news of a potential DOGE ETF launch has ignited a strong market sentiment shift to the upside, leading to a strong price shift and push to the upside as traders, investors, and analysts keep a close eye on Dogecoin (DOGE) as the price could rally higher.
What are the charts and market saying concerning the price of DOGE?
Why Is Dogecoin (DOGE) Pumping
The news of a potential ETF speculation has been one of the key drivers of Dogecoin (DOGE) rallying in the last few days, as the launch of the REX-Osprey Spot DOGE ETF could see the price of DOGE rally higher based on market speculations from traders and investors.
This ETF launch could also foster institutional adoption and increase liquidity for Dogecoin (DOGE), as the price has the potential to rally with strong volume and price action, similar to the effect it had on Bitcoin.
With the market looking favorable for Bitcoin and the general market, we could see the price of DOGE continue with strong bullish price action as the price nears key resistance. A breakout above its key resistance could see the price trade toward a potential new daily high.
DOGE Technical Analysis
Following a strong bullish price action towards key resistance for the first time in months, the price of Dogecoin (DOGE) needs to break out above $0.3 for a strong bullish price action to the upside, as the price faces resistance.
If the price of DOGE on the daily timeframe breaks above $0.3, we could see the price trade into high price points of $0.48 to $0.5, based on market sentiment and price analysis, as the price currently looks bullish for a higher timeframe bullish continuation.
FAQs
Why is Dogecoin (DOGE) Pumping?
DOGE is pumping following news of ETF approval acting as a catalyst for price.
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