Dogecoin Rises as ETF Approval Nears
Dogecoin (DOGE) rose 5% on Thursday, breaking above $0.25 for the first time in nearly a month. The price surge follows progress toward the approval of a Dogecoin ETF after months of review by the US Securities and Exchange Commission (SEC).
On Friday, Bloomberg analyst Eric Balchunas tweeted about a minor delay in the ETF launch. He said the debut is likely next Thursday, keeping traders alert ahead of the event.
Investors Position Ahead of ETF Launch
The 5% price increase suggests investors are preparing for the ETF launch. ETF debuts often attract long-term institutional funds, which improve market liquidity.
- Dogecoin’s open interest rose 5.24% in 24 hours to $4.28 billion, according to Coinglass.
- Futures trading volume jumped 22.7%, outpacing the spot price gain.
Technical Analysis Points to Further Gains
Technically, Dogecoin’s move above $0.25 completes a double-bottom reversal pattern formed since April. The neckline is near $0.28, with a long-term target of $0.39.
Momentum indicators support further upside. The daily Relative Strength Index (RSI) is 63.1. DOGE remains above its 5-day ($0.241) and 13-day ($0.231) simple moving averages, which act as support.
A sustained move above $0.28 could push prices to $0.30–$0.32 in the short term. The ETF anticipation and rising activity signal growing retail and institutional interest in Dogecoin this week.
