Dogecoin (DOGE) rose 5% on Thursday, breaking the $0.25 level for the first time in nearly a month. The surge comes as the highly anticipated Dogecoin ETF moves closer to approval after months of review and pushback from the US Securities and Exchange Commission (SEC).
On Friday, senior Bloomberg analyst Eric Balchunas posted on X, noting another minor delay: “Another delay. Launching next week. Mid week. Prob Thur.” This hints at a likely ETF debut around next Thursday, keeping traders and investors on alert.
Traders Position for ETF Launch
The 5% price gain suggests that investors are positioning ahead of the ETF debut. Traditionally, the launch of ETFs receives long term inflows of institutional funds, which enhances the liquidity of the market.
Data from Coinglass shows Dogecoin’s open interest rose 5.24% in 24 hours to $4.28 billion, outpacing the spot price increase, while futures trading volume jumped 22.7%.
Technical Outlook: DOGE Could Rally to $0.39
From a technical perspective, Dogecoin’s breakout above $0.25 completes a double-bottom reversal pattern forming since April. The neckline sits near $0.28, with a projected long-term target of $0.39.
Momentum indicators support further gains: the daily RSI is 63.1, and DOGE remains above its 5-day ($0.241) and 13-day ($0.231) SMAs, both acting as support. A sustained move above $0.28 could push prices to $0.30–$0.32 in the short term.
The expectation of an ETF and Dogecoin’s increasing activity are indicators of increased retail and institutional interest in the crypto market, so this week is critical to DOGE traders.
Also Read: Dogecoin’s House of Doge Taps Bitstamp to Secure DOGE Treasury
