Dogecoin (DOGE) Price Movement

Dogecoin (DOGE) price has risen from recent lows after facing several days of selling pressure.

The meme coin recently tested the critical support at $0.14. Following that, the price moved above $0.16, indicating renewed trading activities. Interestingly, this price movement aligns with increased interest in DOGE.

Expectations regarding Bitwise ETF approval by 2025 continue to fuel the market.

Dogecoin Price: Analyst Highlights Falling Wedge Pattern

Crypto analyst Coinvo identified a Falling Wedge pattern in DOGE’s price chart, which often suggests a breakout as price movements compress. This formation shows weakening selling pressure, potentially leading to upward price movement. The price needs to break above the resistance level to confirm the bullish trend.

At the time of writing, DOGE price was $0.17, a 3% increase over the last 24 hours. Maintaining stability above crucial support levels indicates strength despite recent fluctuations. The next resistance line is at $0.20, signaling further potential price surges.

Historically, breakouts above resistance levels have led to upward price movements.

Dogecoin Market Sees Increased Accumulation

Dogecoin’s network is expanding. Analyst Ali Martinez noted that new addresses increased from 16,400 to 34,600 within one month, attributed to heightened uptake and investor interest. Whale accumulation has also risen, with large holders increasing their DOGE purchases. Past whale activities often precede price surges.

On-chain data shows growth in active wallets and transactions, with increased capital flows into DOGE indicating ongoing demand. This aligns with historical trends where active markets often see rising prices, suggesting further price uptrend activities if the current accumulation pattern persists.

Bitwise ETF Application Fuels Speculation

The U.S. Securities and Exchange Commission (SEC) has received an application for a Bitwise Dogecoin ETF. This development could significantly impact Dogecoin’s outlook as the SEC reviews the application. If approved, the ETF may attract more investments in DOGE.

DOGE prices have reacted positively to ETF approval speculations. Current trends indicate a 70% chance of approval before 2025, which is 33% higher than recent weeks.

Technical Indicators Support Bullish Outlook

The Moving Average Convergence Divergence (MACD) indicator signals a positive trend. The MACD line is at 0.00189, while the signal line stands at -0.00783. An upward MACD trend has historically indicated upward price movements. If the MACD line remains above the signal line, increased buying pressure is likely.

The Chaikin Money Flow (CMF) at 0.17 indicates strong buying pressure in the markets; if this continues, DOGE could sustain its upward movement.

Meanwhile, Dogecoin price recently hit a low of $0.1598 before recovering, remaining within critical levels that have influenced past market trends. Analysts note that increased accumulation and adoption typically result in higher valuations. If bullish momentum continues, DOGE could see a 77% price surge.