Dogecoin has made a sharp move above a downtrend line giving hope for another push higher.
DOGEUSD – Daily Chart
The price of DOGE has breached the obstacle at $0.2200 and the next targets are at $0.25-2600. The larger target is at $0.2800.
Bitcoin was able to bounce from the recent lows with a move of 3% over the last seven days. Doge followed suit with a 10% gain on the week.
Dogecoin is seeing investor interest after the expected release of an exchange traded fund. The Rex-Osprey DOGE ETF, using the ticker $DOJE, is likely to launch this week. The product would offer investors direct exposure to the memecoin.
Market participants expect heightened volatility around launch. “Think we’re in for a wild next 2 months for crypto ETFs,” said ETF store’s Nate Geraci on X. With tech stocks continuing to trade near all-time highs, the launch of a meme-driven ETF could see large inflows on speculation.
Bloomberg ETF analyst Eric Balchunas stated last week that REX Shares, in conjunction with Osprey Funds, has filed an effective prospectus with the Securities and Exchange Commission (SEC) for a Dogecoin ETF pursuant to the Investment Company Act of 1940.
“Looks like Rex is going to launch a Doge ETF via the 40 Act a la $SSK next week,” Balchunas wrote on X, referring to a Solana ETF launch earlier this year. Crypto firm Bitwise had also filed for a Dogecoin ETF, but it has not been approved as of Monday.
