Key Insights
- Dogecoin price has climbed above $0.22 and is gathering momentum toward $0.24.
- Grayscale recently filed for the first-ever Dogecoin ETF, which has boosted optimism.
- Market sentiment has improved so far, after Powell’s rate cut hints.
The price of Doegcoin is showing steady signs of growth, primarily as the bulls now aim for the $0.24 zone. DOGE appears to be building speed after breaking past the $0.2192 zone.
If the current price levels remain stable, traders are optimistic. By the end of the week, they expect the memecoin to rise into the $0.2350 to $0.24 range.
Technical View of DOGE
Over on the hourly chart, Dogecoin has moved above the $0.2192 resistance as of writing. This means that a daily close around this level supports the chance of another test higher.
Traders are now eyeing $0.2350 as the next stop, with $0.24 as the next short-term ceiling. The longer-term chart shows that DOGE is holding above the $0.2086 support.
A clean bounce from that area has encouraged buyers so far. If candles close without long upper wicks, a path toward $0.25 could open up before the month’s end.
Analyst Trader Tardigrade recently noted that the memecoin shows strong bullish signs on the three-day chart. It could be looking at a push towards new highs soon.
The Dogecoin ETF Excitement
One of the biggest developments driving interest in Dogecoin has been Grayscale’s new ETF application. The firm recently filed for the first-ever Dogecoin ETF, and has marked a historic move to the upside for memecoins.
If approved, the product will give investors direct exposure to DOGE. The U.S. SEC has already set a deadline in October for decisions on multiple crypto ETFs, including this one.
According to Bloomberg analysts, the approval odds currently sit at 90%. On the other hand, prediction markets like Polymarket show a 68% chance.
These high expectations have given the $DOGE community so much-needed energy. An ETF approval would not only validate DOGE but could also lift the general memecoin market.
Market Reaction to Powell’s Rate Cut Hints
Markets received another boost after Federal Reserve Chair Jerome Powell hinted at a possible rate cut in September. His Jackson Hole speech turned sentiment around and reversed a dip in crypto and stocks earlier this month.
Dpgecoin reacted to this with a 7% jump towards the upside. The move also created a double bottom pattern. This is often seen as a bullish reversal signal.
Momentum indicators are showing that Dogecoin still has space to move higher. The Relative Strength Index (RSI) currently sits at 51. It is leaving plenty of room before the asset hits overbought territory. This supports the case for more gains if buying continues.
The MACD has also turned bullish, with the MACD line crossing above the signal. The histogram bars also widen, showing increased strength for the bulls. A more substantial rally could occur if DOGE breaks above the red trendline resistance.
What Traders Should Watch
Dogecoin price has several levels to monitor. For example, the $0.20 support is one of the most critical aspects of the price action. On the upside, the $0.24 is a viable short-term target. More than this, a daily close near $0.25 would confirm a more substantial rally into September.
Considering how ETF excitement and macroeconomic support are currently in play, DOGE has reasons to keep attracting attention. Trading volume has been declining over the medium term. Without strong catalysts, significant upward moves are unlikely.
Outlook for Dogecoin Price
Dogecoin price looks poised for more gains in the near term. It currently has strong technicals, ETF speculation, and macro conditions to support it and favour buyers.
Still, Dogecoin must hold above the $0.20 price level and push through $0.24 to confirm its next leg higher. If its strength carries into September and ETF approval odds stay high, the $0.25 mark could come into view.
That would represent a significant step for the meemcoin. This is because it sets itself up as more than just a meme coin in the eyes of institutional investors.
