Is Dogecoin’s ETF Approval the Key to a New All-Time High? 🚀🐶

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So, Dogecoin (DOGE) gained 3% on Friday. ETF speculation and some shifting regulatory sentiment are making investors think they might actually make some money for once. Polymarket users, who are basically just guessing, are giving a 22% chance that DOGE ETF approval will spark new all-time highs by Q1 2025. 🤷‍♂️

Dogecoin (DOGE) has been on a bit of a roll in February, thanks to some weird political dynamics in the US. Elon Musk’s newfound friendship with Donald Trump and the creation of the D.O.G.E. department have somehow made people think this memecoin is worth more than a few cents. The U.S. Securities and Exchange Commission (SEC) formally acknowledged Grayscale’s spot ETF filings for XRP and Dogecoin, which is like the SEC saying, “Sure, we’ll look at it, but don’t get too excited.” 🙃

While the SEC’s acknowledgment doesn’t mean immediate approval, it’s a step away from their usual “nope, not happening” stance. Under previous leadership, these applications were usually rejected or withdrawn under pressure. The fact that they’re even considering it suggests a shift in the regulatory landscape, which could be good for altcoins. 🤔

“This is a good sign for altcoins. In the past, these assets were told to withdraw immediately after filing. The fact that they remain on the table slightly increases our already optimistic odds of approval.”

  • Bloomberg Intelligence ETF analyst, Eric Balchunas via X.com, Feb 15, 2025.

As expected, DOGE price reacted positively, rising 3% to break above $0.29 for the first time in 10 days. Compared to XRP, which rose 7%, DOGE’s gains were pretty modest. But other market indicators suggest Dogecoin traders are hoping for more. 🤞

Following the SEC’s acknowledgment of Grayscale’s DOGE ETF application, Dogecoin’s price jumped 3%, fueling speculation that an ETF approval could drive new record highs. While DOGE currently trades at $0.28, prediction market data suggests that traders expect much higher price levels in 2025.

On Polymarket, a crypto-based prediction platform, traders are now assigning a 22% probability that Dogecoin will reach a new all-time high (above $0.73) by June 30, 2025. This probability is up significantly from earlier in the year, reflecting growing optimism around ETF approvals and increasing institutional interest in memecoins. 📈

The trading activity mirrors trends seen in Bitcoin markets before its spot ETF approval. In late 2023, BTC was priced around $30,000, and many traders bet on a six-figure breakout post-ETF approval. The subsequent rally to $50,000 in early 2024 validated these predictions. If Dogecoin follows a similar trajectory, ETF-driven speculation could propel DOGE toward $0.50 and beyond before mid-2025. 🚀

As of now, DOGE remains in a consolidation phase, with key resistance levels at $0.30 and $0.35. A breakout above these levels, combined with further regulatory clarity, could set the stage for an all-time high retest later this year.

Dogecoin price forecast charts show that the memecoin has gained 15.88% in the past week, rising from $0.24 to a high of $0.2832, with bullish momentum building above the lower Bollinger Band at $0.2183. The price action has reclaimed the Hull Moving Average (HMA) at $0.2745, signaling a potential trend shift. If DOGE sustains its position above this level, buyers could push for a test of the mid-Bollinger Band at $0.2799, aligning with the upper boundary of the descending channel.

A decisive breakout above the midline resistance could drive DOGE toward $0.32, which marks a key psychological and technical level. Beyond this threshold, the upper Bollinger Band at $0.3416 would become the next target. If DOGE closes above $0.32, bullish continuation toward $0.35 and beyond becomes likely. The cumulative volume delta (CVD) has turned positive, confirming growing buy-side pressure, further supporting an upside bias.

Conversely, failure to hold above the HMA may see DOGE retrace toward $0.27, potentially retesting the lower Bollinger Band at $0.2183. A drop below $0.21 would invalidate the bullish structure, exposing DOGE to a deeper correction. 🤦‍♂️

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2025-02-15 09:05