Dogecoin Price Breaks Out, Signals Bullish Trend
Dogecoin (DOGE) price is steady around $0.240 after breaking above a symmetrical triangle pattern. This breakout suggests a possible bullish move soon. On-chain data shows more holders are accumulating DOGE tokens. Technical analysis points to a price target of $0.311 in the coming days.
Dogecoin ETF Launch Expected This Thursday
Eric Balchunas, a senior ETF analyst at Bloomberg, said a Dogecoin ETF under the ticker DOJE will likely launch on Thursday. The ETF is a joint effort by Rex Shares and Osprey Funds. Balchunas called this the start of the “meme coin ETF era.”
He noted this ETF might be the first U.S. fund to hold an asset “with no utility on purpose.” Balchunas added that Dogecoin was created as a joke by two developers, questioning its utility.
If approved, the ETF could boost Dogecoin’s long-term outlook. It would allow traditional investors to buy DOGE exposure without owning the coins directly. This could also increase liquidity and add legitimacy to Dogecoin.
On-Chain Data Supports Bullish Outlook
Data from Santiment shows large DOGE holders, or whales, are accumulating tokens. Whales holding between 100,000 and 100 million DOGE added 280 million tokens from Sunday to Wednesday. This suggests growing confidence among big traders.
Dogecoin’s price broke out of a symmetrical triangle pattern formed since mid-July. After hitting resistance at $0.247 on Tuesday, DOGE is trading near $0.240. If it breaks above $0.247, the next target is $0.311.
Technical indicators support this bullish view. The Relative Strength Index (RSI) is 59, showing upward momentum. The MACD indicator gave a buy signal on Sunday and shows a rising trend.
If the price corrects, support may form near the 50-day Exponential Moving Average (EMA) at $0.220.
