After experiencing a significant correction previously, the price of Dogecoin (DOGE) has shown signs of recovery, rising about 5% in the past 24 hours and re-establishing itself above the $0.15 mark, with a weekly increase of over 10%. The market is currently paying close attention to whether this rise marks the beginning of a trend reversal or a short-term rebound within the overall market recovery.
Improved market environment and capital inflow
Recently, the cryptocurrency sector has generally rebounded, driving an increase in market sentiment. The trading activity of Dogecoin has significantly improved, with stronger buying power and increased trading volume. The price has gained effective support in the range of $0.13 to $0.15, providing a technical foundation for the rebound.
Spot ETF progress has attracted attention
The major market catalyst comes from the advancement of the U.S. spot ETF. 21Shares has submitted its fifth revised S-1 filing, disclosing that the ETF management fee rate is 0.50% and will be paid weekly in Dogecoin. The issuer is currently advancing the effectiveness procedure according to Section 8(a), preparing for the final step for listing. The ETF is planned to be listed on NASDAQ under the code 'TDOG', tracking the CF Dogecoin-Dollar Index.
Technical indicators are showing positive signals
Analysts point out that a descending wedge pattern has recently formed on the Dogecoin daily chart, with its upper and lower bands constituting dynamic resistance and support. As the pattern converges, the likelihood of a breakout gradually increases, indicating a potential change in price direction.
In terms of key indicators:
Relative Strength Index (RSI) increased to 61.49, in a bullish range
Moving Average Convergence Divergence (MACD) has turned to a golden cross, with green momentum bars strengthening
Volume increases along with price, indicating higher capital participation
Will Dogecoin's price reach $0.20 or will it pull back?
If buying pressure continues, DOGE is expected to test the recent resistance levels of $0.16 and $0.18. A successful breakout above these levels could lead to a significant psychological level of $0.20 in the medium term. Conversely, if upward momentum is insufficient, the price may revisit the support area of $0.13-$0.15.
Overall, Dogecoin is showing a positive short-term trend influenced by multiple factors such as technical improvements, a warming market sentiment, and ETF progress. Traders are closely monitoring the breakout situation around $0.16 to assess the subsequent market potential.#Dogecoin
