Dogecoin (DOGE) Eyes $1.40: Grayscale's ETF Filing Spurs Optimism
Dogecoin Price Poised for Potential Breakout Amid ETF Hopes
Dogecoin (DOGE) is currently trading at $0.2286, marking a 3.04% increase over the past 24 hours. This positive movement coincides with Grayscale Investments' recent update to its Dogecoin ETF filing, reigniting market enthusiasm.
Technical Analysis Suggests Significant Upside for DOGE
Trader Tardigrade, known on X as @TATrader_Alan, has identified an ascending broadening wedge pattern on Dogecoin's weekly chart. This pattern, characterized by higher highs and higher lows, historically precedes substantial price surges.
Analyst's Target: $1.40
According to the analyst, previous bullish impulses within this wedge have resulted in gains of +120% (from $0.22 to $0.48) and +190% (reaching $0.77). If the current momentum aligns with this pattern, a final target of $1.40 is within reach. This analysis is fueling expectations surrounding Dogecoin's potential price trajectory.
DOGE/USD 1-Week Chart (Source: X/Trader )
Current Consolidation Phase
Dogecoin is currently in a consolidation phase, trading between $0.21 and $0.30 since early February. The formation of higher lows within this range indicates increasing buying pressure.
A decisive break above $0.25 could trigger a rally towards $0.30, potentially leading to a retest of $0.50. The Relative Strength Index (RSI) currently sits at a neutral level of 52, suggesting further accumulation before a potential breakout.
DOGE/USDT 1-Day Chart (Source: TradingView)
Grayscale's ETF Filing: A Catalyst for Institutional Adoption?
Grayscale Investments has updated its S-1 filing with the SEC for a Dogecoin Trust ETF, to be listed on NYSE Arca under the ticker $GDOG. The trust will hold DOGE directly, providing investors with exposure to the spot market value, net of management fees. Coinbase Custody will handle custody duties.
This development follows the firm's 19b-4 filing on February 13, marking a significant step towards potential regulatory approval. A positive ruling could boost liquidity and attract institutional investment in Dogecoin.
The market anticipates that regulatory approvals will increase the potential of other similar ETF structures. October 2025 is shaping up to be a pivotal period that may dictate Dogecoin's future price dynamics.
In conclusion, Dogecoin's price action is showing signs of positive momentum. With a supportive institutional narrative, positive technical indicators, and favorable regulatory trends, there is growing optimism for a sustained rally. For projects looking to launch tokens or ensure the security of their blockchain applications, platforms like Codeum offer services such as security audits, KYC/AML compliance, and development support.