Will Dogecoin Price Surge To $0.30 as ETF Approval Gains Momentum?

Dogecoin (DOGE) price has rebounded from recent lows after a period of selling pressure. The meme coin briefly tested critical support at $0.14 before climbing above $0.16, indicating renewed trading activity.

This price movement correlates with increased interest in DOGE, fueled by continued speculation surrounding the potential approval of a Bitwise ETF by 2025.

Dogecoin Price: Analyst Highlights Falling Wedge Pattern

Crypto analyst Coinvo identified a Falling Wedge pattern on DOGE's price chart. This pattern often precedes a price breakout as price movements become compressed, suggesting weakening selling pressure and potential upward movement. A break above the resistance level would confirm this bullish trend.

Source: Coinvo, X

At the time of writing, DOGE traded at $0.17, a 3% increase in the last 24 hours. The price remains above crucial support levels, demonstrating stability despite recent volatility. The next resistance level sits at $0.20, hinting at further potential price increases. Historically, breakouts above resistance levels often lead to sustained price increases.

Dogecoin Market Sees Increased Accumulation

Furthermore, Dogecoin's network activity is growing. Analyst Ali Martinez noted a significant increase in new addresses—from 16,400 to 34,600 within a month—indicating increased adoption and investor interest. Whale accumulation has also risen, with large holders increasing their DOGE holdings, a pattern often preceding price surges.

Source: Ali Martinez, X

On-chain data shows growth in active wallets and transaction volume, along with increased capital inflow into DOGE, suggesting strong ongoing demand. This aligns with historical trends where increased market activity often precedes price increases. Continued accumulation could further fuel DOGE's upward trajectory.

Bitwise ETF Application Fuels Speculation

The U.S. Securities and Exchange Commission (SEC) received an application for a Bitwise Dogecoin ETF, a significant step towards a Dogecoin-focused exchange-traded fund. The SEC's review of this application will significantly impact DOGE's outlook. Approval could attract substantial new investment. Speculation surrounding ETF approval has already positively influenced DOGE's price, with a projected 70% chance of approval before 2025—a 33% increase in recent weeks.

Source: PolyMarketCap

Technical Indicators Support Bullish Outlook

The Moving Average Convergence Divergence (MACD) indicator suggests a positive trend. The MACD line (0.00189) is above the signal line (-0.00783), a historically bullish indicator. Sustained positioning of the MACD line above the signal line would suggest increasing buying pressure. The Chaikin Money Flow (CMF) at 0.17 (above 0.1) also signals strong buying pressure and capital inflow. Continued strong buying pressure could sustain DOGE's upward momentum.

Source: TradingView

Dogecoin recently reached a low of $0.1598 before recovering. The price remains within key levels that have historically influenced market trends. Analysts suggest that increased accumulation and adoption typically lead to higher valuations. A sustained bullish trend could potentially result in a 77% price surge for Dogecoin.