- The cup and Dogecoin handle motif suggested a break, with resistance levels at $ 0.50, $ 0.75 and $ 1.00.
- Place Bitwise for a Dogecoin ETF, causing speculation on institutional interests and an increase in potential prices.
DOGECOIN (DOGE) Forms a classic model of cup and sleeve, a bullish continuation formation often associated with a long -term accumulation before a potential escape.
Meanwhile, the reason began to take shape following a prolonged downward trend of its top of all time in May 2021, where Doge experienced a rounded background which extended at the end of 2023.
An escape above the descending trend line at the beginning of 2024 saw Dogecoin climb to $ 0.2408 before going back to $ 0.1934, a drop of 19.28% of the session.
This trace could represent a retest of the escape areaA current event before a continuation rally.
Source: tradingView
If Dogecoin maintains a support greater than $ 0.18 to $ 0.19, the momentum can reach higher price levels.
Key resistance and price objectives for Dogecoin
The current price structure identifies several key resistance levels that could determine the next Dogecoin movement. The first major resistance is $ 0.50, a psychological and technical barrier. If it is broken, it could confirm a stronger upward trend.
Beyond $ 0.50, the next level of resistance is $ 0.75, aligning with the previous areas of work resistance from the Dogecoin rally 2021 support.
The final key objective is $ 1.00, an important step that could mark a major price discovery phase if DOGE supports momentum upwards.
Analysts also envisage prolonged movement around $ 5.00, although additional confirmation is necessary.
Market indicators and negotiation volume trends
Dogecoin exchanged $ 0.1935 At the time of publication, with a negotiation volume of 24 hours of $ 2.71 billion.
The asset decreased by 11.59% in the last 24 hours and 5.70% in last week, with a market capitalization of $ 28.64 billion.
The relative resistance index (RSI) is 34.74, reporting that DOGE approaches occurrence conditions. This could lead to a rebound if the purchase increased. Meanwhile, the MacD indicator remains lower, but the histogram becomes less negative, which indicates that the sales pressure can slow down.
Source: tradingView
If Doge has more than $ 0.19 and the volume increases, a recovery to $ 0.21 to $ 0.22 is possible, while a breakdown less than 0.18 could extend the losses.
Open interest has denied From 15.34% to $ 1.64 billion, while the overall trading volume is down 30.22% to $ 4.77 billion, reflecting a cooling period in market activity.
However, the volume of options jumped 37.36%, suggesting an increase in speculative positioning.
Bitwise advances with the proposal of Dogecoin ETF
Speculation on investors around Dogecoin increased after the deposit of Bitwise asset management for a fund (ETF) negotiated on Dogecon (ETF).
Arca Nyse subject A proposal 19B-4 on March 3, seeking approval to list and negotiate the actions of the ETF.
The Bitwise Dogecoin FNB is structured as a statutory Delaware trust, allowing investors to expose themselves to Doge without buying the assets directly. The proposal could arouse additional institutional interest, with certain analysts in question,
“Could this ETF feed the next Dogecoin rally?”
If Momentum continues, DOGE can enter a price discovery phase, with $ 5.00 as a long -term lens.
