Dogecoin Price Analysis

Dogecoin’s cup-and-handle pattern suggested a breakout, with resistance levels at $0.50, $0.75, and $1.00.
Bitwise files for a Dogecoin ETF, sparking speculation on institutional interest and a potential price surge.

Dogecoin (DOGE) is forming a classic cup-and-handle pattern, a bullish continuation formation often associated with long-term accumulation before a potential breakout.

This pattern began taking shape following a prolonged downtrend from its all-time high in May 2021, where DOGE experienced a rounded bottom extending into late 2023.

A breakout above the descending trendline in early 2024 saw Dogecoin climb to $0.2408 before pulling back to $0.1934, experiencing a 19.28% decline during the session.

This retracement could represent a retest of the breakout zone, a common occurrence before a continuation rally. If Dogecoin maintains support above $0.18-$0.19, momentum may build toward higher price levels.

Key Resistance and Price Targets for Dogecoin

The current price structure identifies several key resistance levels that could influence Dogecoin’s next move:
– $0.50: A major psychological and technical barrier.
– $0.75: Previous support-turned-resistance zones from Dogecoin’s 2021 rally.
– $1.00: A round-number milestone that could signal a major price discovery phase if DOGE sustains upward momentum.

Analysts are also considering an extended move toward $5.00; however, further confirmation is required.

Market Indicators and Trading Volume Trends

At publication, Dogecoin traded at $0.1935, with a 24-hour trading volume of $2.71 billion. The asset has declined 11.59% in the past 24 hours and 5.70% over the past week, with a market capitalization of $28.64 billion.

The Relative Strength Index (RSI) is at 34.74, signaling that DOGE is nearing oversold conditions, potentially leading to a rebound if buying pressure increases. The MACD indicator remains bearish, but the histogram is less negative, indicating a slowdown in selling pressure.

If DOGE holds above $0.19 and volume increases, a recovery toward $0.21-$0.22 is possible. Conversely, a breakdown below $0.18 could extend losses.

Open interest has declined by 15.34% to $1.64 billion, and overall trading volume is down 30.22% to $4.77 billion, reflecting a cooling period in market activity. However, options volume has surged 37.36%, indicating increased speculative positioning.

Bitwise Makes Moves with Dogecoin ETF Proposal

Investor speculation around Dogecoin has risen following Bitwise Asset Management’s filing for a Dogecoin exchange-traded fund (ETF). The NYSE Arca submitted a 19b-4 proposal on March 3rd, seeking approval to list and trade shares of the ETF.

The Bitwise Dogecoin ETF is structured as a Delaware statutory trust, allowing investors to gain exposure to DOGE without directly purchasing the asset. The proposal could bring additional institutional interest, with some analysts questioning:

> “Could this ETF fuel the next Dogecoin rally?”

If momentum continues, DOGE may enter a price discovery phase, with $5.00 as a long-term target.