Dogecoin (DOGE) price has risen from the recent lows after experiencing several days of selling pressure.
The meme coin’s price recently tested the critical support at $0.14. After that, the price moved above $0.16, suggesting renewed trading activities.
Interestingly, the price movement aligns with increased interest in DOGE.
The expectations about Bitwise ETF approval by 2025 have continued to fuel the market.
Dogecoin Price: Analyst Highlights Falling Wedge Pattern
Crypto analyst Coinvo identified a Falling Wedge pattern in DOGE’s price chart.
This often suggests a breakout as price movements become compressed.
The formation shows weakening selling pressure, which may lead to an 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 trading at the $ 0.17, a 3% increase in the last 24 hours.
The price continued to be higher than the crucial support levels, showing stability despite recent fluctuation.
The next line of resistance is at $0.20, signaling further price surge.
Historically data suggests that when breakouts occur above resistance levels, stocks tend to go up and stay higher.
Dogecoin Market Sees Increased Accumulation
Furthermore, Dogecoin is increasing its network. Crypto analyst Ali Martinez noted that the new addresses increased from 16,400 to 34,600 within one month.
This is attributed to increased uptake and increased investor interest.
Whale accumulation has also risen, with large holders purchasing more DOGE. Past instances of whale accumulation have preceded price surges.
According to on-chain data, there is growth of the active wallets and the number of transactions.
There has been an increase in capital flows into DOGE, suggesting ongoing demand.
This is in line with historical trends that when the market is active, prices often increase.
Therefore, if the current accumulation pattern continues, there can be more price uptrend activities on DOGE.
Bitwise ETF Application Fuels Speculation
The U.S. Securities and Exchange Commission (SEC) received an application for a Bitwise Dogecoin ETF.
This is a significant development towards the introduction of an exchange-traded fund that is solely focused on Dogecoin.
This particular application may affect the outlook of Dogecoin as the SEC continues reviewing the same.
If approved, the ETF may contribute to more investment in DOGE.
DOGE price has responded more positively to speculations regarding the approval of the ETF.
According to current trends, there is a 70% chance that it would be approved before the year 2025.
This is 33% higher within the recent weeks with approval expectation.
Technical Indicators Support Bullish Outlook
The Moving Average Convergence Divergence (MACD) indicator suggests a positive trend.
The MACD line stands at 0.00189 while the signal line is at -0.00783. This means that an upward MACD trend has in the past been an indicator of upward price trends.
If the MACD line maintains above the signal line, then it may mean that the buying pressure may increase.
The Chaikin Money flow is 0.17, which is above 0.1 signaling strong buying pressure in the markets.
A positive CMF means that there is the inflow of capital into Dogecoin. If the buying pressure continues to be strong, DOGE could continue its upward movement.
Meanwhile, Dogecoin price recently reached a low of $0.1598 before it recovered.
The price remains within key levels that have influenced previous market trends.
Various analysts have noted that increased accumulation and adoption tend to result in higher valuations. If the bulls prevail, Dogecoin price may witness a 77% surge.
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