Dogecoin Price Could Surge to $3.0 Following Bitwise ETF Filing
Dogecoin (DOGE) may be poised for a substantial rally, potentially reaching $3.0 amid increasing demand and the recent filing by Bitwise for a spot DOGE ETF. Currently, DOGE is trading at $0.3315 after bouncing from a low of $0.3159.
Market Dynamics
- Analyst Ali Martinez warns against shorting DOGE, citing its previous 900% surge in 2021.
- The current price pattern suggests a possible breakout similar to past performance.
- In the last week, Dogecoin whale accumulation increased by 5.33%, with inflows rising by 323.86% over the last month and 3,722.46% over the last 90 days.
Technical Indicators
- Support identified at $0.262, coinciding with the 1-day 200 EMA.
- Bearish outlook if DOGE closes below key support levels.
ETF Filing
- Bitwise filed for a spot Dogecoin ETF with the US SEC on January 28.
- Approval likelihood for a DOGE ETF increased to 50% on Polymarket following multiple ETF filings.