Dogecoin may soon rise to $0.29 due to new activity from organizations, along with bullish technical indicators. This meme coin has drawn attention from traders and analysts due to recent news about the Dogecoin ETF.
The 21Shares ETF Filing Draws Attention to Dogecoin Price
On May 29, 21Shares officially filed for a Dogecoin exchange-traded fund (ETF). This filing is the first major effort to provide regulated ways to invest in DOGE in the United States. This decision came after various ETFs, including Bitcoin, were approved and growing interest in Ethereum products.
Notably, it aims to provide Dogecoin directly to investors through an exchange-traded fund. Therefore, many investors limited by regulations or traditional methods may be interested in the offering.
If approved, the ETF could improve liquidity in DOGE trading and allow large investments to flow in without users having to manage their wallets.
The Technical Formation Suggests a Breakthrough DOGE Price of $0.29
Meanwhile, as investor interest rises, technical analysts are closely monitoring the price chart of Dogecoin.
According to data provided by Trader Tardigrade, the daily DOGE chart has formed an ascending triangle. This pattern indicates four points where the price touched the support and resistance levels before moving upward.
According to the chart, the price of Dogecoin is approaching the top of the triangle, encountering significant resistance at around $0.245.
Closing above that level with high volume could lead to a rise in DOGE price, targeting the range around $0.285–$0.29. Volatility is expected to follow the vertical height of the triangle plus the breakout level.
Analysts See Breakthrough Potential of MEME Coin in Early June
Furthermore, Trader Tardigrade has pointed out a path that could lead to a breakthrough. After the current consolidation phase, a small move could finally occur before the breakthrough takes place.
According to forecasts, this could happen in the first week of June as long as both market momentum and trading volume remain favorable.
In a separate analysis, Trader Tardigrade identified an inverse head and shoulders pattern (iH&S) on the daily DOGE price chart. This classic bullish reversal structure indicates a trend change, with the neckline positioned around the $0.255 level.
This pattern has two rounded shoulders and a distinct head, indicating a solid base formed at lower levels before the anticipated upward movement.
Therefore, the target from the breakout is expected to be $0.37, calculated from the height of the head to the neckline. This level aligns with previous support areas turning into resistance, adding weight to the projection.
A confirmed breakout on the neckline with volume can validate this setup and trigger a continued bullish run. It has the potential to accelerate the rise of the meme coin into the next quarter.
DOGE Price Solidifies in a Bullish Flag Pattern
Another analyst, FLASH Trading, pointed out that the meme coin has shown a classic breakout from a prolonged descending wedge. This is a sign that often leads to the end of a bearish trend.
After breaking out, the price of DOGE has consolidated within a narrowing bullish flag pattern. Analysts point out that this phase could bring a market-wide move for altcoins as investors start to feel more optimistic.
Additionally, a closing level above $0.245 could lead to a move towards $0.423. According to FLASH, a stable market and a bullish Bitcoin price of $120,000 could benefit DOGE and other altcoins. This setup is similar to how the market typically forms in the early stages of a bullish market.
As of the time of writing, the price of Dogecoin is trading at $0.21, rising 0.21% in the past 24 hours. The price has recovered from a daily low of nearly $0.217 and is currently consolidating in a narrow range above $0.2235. This indicates bullish momentum during the day after initial losses.
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Dogecoin Price Prediction: What Is Driving the Price of DOGE Up to 0.29 USD?
Dogecoin may soon rise to $0.29 due to new activity from organizations, along with bullish technical indicators. This meme coin has drawn attention from traders and analysts due to recent news about the Dogecoin ETF. The 21Shares ETF Filing Draws Attention to Dogecoin Price On May 29, 21Shares officially filed for a Dogecoin exchange-traded fund (ETF). This filing is the first major effort to provide regulated ways to invest in DOGE in the United States. This decision came after various ETFs, including Bitcoin, were approved and growing interest in Ethereum products. Notably, it aims to provide Dogecoin directly to investors through an exchange-traded fund. Therefore, many investors limited by regulations or traditional methods may be interested in the offering. If approved, the ETF could improve liquidity in DOGE trading and allow large investments to flow in without users having to manage their wallets. The Technical Formation Suggests a Breakthrough DOGE Price of $0.29 Meanwhile, as investor interest rises, technical analysts are closely monitoring the price chart of Dogecoin. According to data provided by Trader Tardigrade, the daily DOGE chart has formed an ascending triangle. This pattern indicates four points where the price touched the support and resistance levels before moving upward.
According to the chart, the price of Dogecoin is approaching the top of the triangle, encountering significant resistance at around $0.245. Closing above that level with high volume could lead to a rise in DOGE price, targeting the range around $0.285–$0.29. Volatility is expected to follow the vertical height of the triangle plus the breakout level. Analysts See Breakthrough Potential of MEME Coin in Early June Furthermore, Trader Tardigrade has pointed out a path that could lead to a breakthrough. After the current consolidation phase, a small move could finally occur before the breakthrough takes place. According to forecasts, this could happen in the first week of June as long as both market momentum and trading volume remain favorable. In a separate analysis, Trader Tardigrade identified an inverse head and shoulders pattern (iH&S) on the daily DOGE price chart. This classic bullish reversal structure indicates a trend change, with the neckline positioned around the $0.255 level. This pattern has two rounded shoulders and a distinct head, indicating a solid base formed at lower levels before the anticipated upward movement.
Therefore, the target from the breakout is expected to be $0.37, calculated from the height of the head to the neckline. This level aligns with previous support areas turning into resistance, adding weight to the projection. A confirmed breakout on the neckline with volume can validate this setup and trigger a continued bullish run. It has the potential to accelerate the rise of the meme coin into the next quarter. DOGE Price Solidifies in a Bullish Flag Pattern Another analyst, FLASH Trading, pointed out that the meme coin has shown a classic breakout from a prolonged descending wedge. This is a sign that often leads to the end of a bearish trend.
After breaking out, the price of DOGE has consolidated within a narrowing bullish flag pattern. Analysts point out that this phase could bring a market-wide move for altcoins as investors start to feel more optimistic. Additionally, a closing level above $0.245 could lead to a move towards $0.423. According to FLASH, a stable market and a bullish Bitcoin price of $120,000 could benefit DOGE and other altcoins. This setup is similar to how the market typically forms in the early stages of a bullish market. As of the time of writing, the price of Dogecoin is trading at $0.21, rising 0.21% in the past 24 hours. The price has recovered from a daily low of nearly $0.217 and is currently consolidating in a narrow range above $0.2235. This indicates bullish momentum during the day after initial losses.