Epic DOGE Bull Run Under Certain Conditions
The Bullish Scenario for Dogecoin (DOGE)
Current tensions in the cryptocurrency market have led to a decline in Dogecoin’s (DOGE) value, currently sitting at approximately $0.19—a drop of 20% over the past two weeks. This downturn has not deterred analysts from expecting a rebound. Prominent figure Ali Martinez recently indicated that as long as DOGE remains above the critical $0.17 support level, the cryptocurrency is positioned for substantial upward movement, potentially reaching an all-time high of $2.74. This forecast represents an impressive 1,300% increase from current levels.
Despite recent volatility, DOGE has not breached the $0.17 support since November 2024. Technical indicators are being closely monitored, with Trader Tardigrade on X suggesting that the Average Directional Index (ADX) points toward potential bullish momentum. The ADX, a tool used to gauge trend strength, signals that while the market’s direction is not definitive, it is likely to exhibit increased momentum.
In conjunction with ADX, the Relative Strength Index (RSI) for DOGE has shown signs of improvement, nearing the bullish threshold of 30. This suggests that DOGE is currently oversold and may be ripe for a rebound in prices.
DOGE ETF on the Horizon?
A significant boost for Dogecoin could come from the anticipated launch of a spot DOGE exchange-traded fund (ETF) in the United States. Major investment firms, including Grayscale and Bitwise, have put forth applications for such a fund, receiving acknowledgment from the SEC. This type of financial product would allow investors to access DOGE without the complexities of managing exchanges or self-custody, potentially attracting a broader audience to the cryptocurrency.
The community sentiment around the potential approval of a spot DOGE ETF is optimistic. Speculation suggests that approval odds by the year’s end stand at about 66%, according to Polymarket. This potential development not only promises enhanced investor accessibility but is expected to positively impact Dogecoin’s price trajectory in the long run.
As the market navigates through these turbulent times, all eyes are on DOGE’s next moves and the implications of forthcoming developments surrounding its ETF status.
