Dogecoin Price Prediction: DOGE Jumps 5% As Bloomberg Puts 75% Odds On SEC Approving Dogecoin ETF, While New BTC Bull Meme Coin ICO Goes Par...

Dogecoin Price Rises Amidst SEC ETF Approval Buzz

The Dogecoin (DOGE) price surged over 5% within the past 24 hours, reaching $0.2665 as of 3:10 a.m. EST. This upward trend is driven by increased investor interest in the popular meme coin.

Bloomberg ETF analysts James Seyffart and Eric Balchunas recently predicted a 75% likelihood of the US Securities and Exchange Commission (SEC) approving a spot Dogecoin ETF this year. Additionally, they anticipate the SEC acknowledging filings for Dogecoin ETFs from Grayscale and Bitwise this week.

Dogecoin Price Targets Resistance Level at $0.2582

According to data from GeckoTerminal, the Dogecoin price is attempting to establish support at the $0.2582 resistance level. A successful 4-hour candle close above this mark could provide the foundation for a challenge towards the next resistance barrier at $0.2789.

However, a rejection at $0.2582 or a sell-off could invalidate the bullish momentum. In such a scenario, DOGE may seek support at $0.2353 or potentially dip further to $0.2211.

Technical Indicators Suggest Further Upside Potential

Technical indicators on DOGE's 4-hour chart point towards potential further price gains. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) exhibit bullish signals.

RSI readings have risen to the mid-60s, indicating growing buyer strength. The positive slope of the RSI suggests continued accumulation by bulls. Additionally, the MACD line has recently broken away above the MACD Signal line, signaling increasing bullish momentum.

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