Dogecoin price stalls as DOGE ETF approval odds fall

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE), the prominent meme coin, experienced a 6% price increase on December 2nd, resulting in a 7.5% weekly gain. However, market sentiment may shift, as a Polymarket survey indicates a decline in the likelihood of the SEC approving a spot DOGE exchange-traded fund (ETF) this year. The odds have fallen to 26% from a peak of 50% last week.

In contrast, Polymarket users are optimistic about the SEC approving Solana (SOL) and Ripple (XRP) ETFs later this year, with odds of 76% and 70%, respectively. The lower odds for a DOGE ETF potentially stem from the lack of applications from financial services companies.

However, the possibility remains that applications may be submitted if the SEC, under Paul Atkins, demonstrates flexibility regarding crypto funds. Such applications could be more likely to receive approval, given that DOGE is a proof-of-work cryptocurrency like Bitcoin.

DOGE maintains a significant presence in the crypto space, boasting a market capitalization of $50 billion. Crypto ETFs have gained traction, providing institutional investors with exposure to the industry. Bitcoin ETFs hold over $105 billion, while Ethereum funds have over $12 billion.

Technical Analysis

DOGE's daily chart indicates a recovery from a low of $0.2635 in December to the current level of $0.3382. The price has approached the 50-day moving average, and the Relative Strength Index (RSI) is attempting to move above a descending trendline.

The Percentage Price Oscillator has formed a bullish crossover, while the accumulation and distribution indicator suggests gradual accumulation.

Bulls may target the resistance level of $0.4836, while a drop below $0.2650 could indicate further downside.