Dogecoin Price Poised for Breakout Amid ETF Speculation Surge

Highlights:

• Dogecoin price gains 7.30% daily as bullish momentum builds despite a 25% monthly decline.
• ETF speculation fuels optimism, with Dogecoin ETF approval probability rising to 74% from 27% in January.
• Technical indicators suggest DOGE may break past the $0.3500 resistance amid growing buying pressure.

The crypto market displays renewed optimism as most prices trade in green, pushing the global market cap to $3.25 trillion. Bitcoin is trading around the $97k level, while XRP and Dogecoin lead with gains among the top ten coins by market cap. Despite the bullish momentum, the 24-hour trading volume has declined by 17% to $95 billion, indicating decreased market activity. 

Dogecoin Price Action

The largest memecoin, Dogecoin, has been trading on a descending channel over the last 30 days. On 18th January, the memecoin lost the $0.40 key level, and since then, it has been trending downwards. The bearish trend persisted further with DOGE even dropping to $0.22 in early February before recovering slightly.

At press time, DOGE is exchanging hands at $0.2751, up by 7.30% in the past 24 hours. The memecoin opened today’s session on a low note at $0.2547, and the bulls pushed the price to $0.2755, where it faced a rejection leading to a slight pullback.

The bullish momentum has seen DOGE record a surge of 10% on the weekly chart despite the monthly decline of 25%. Additionally, its market cap and trading volume have surged to $40.73 billion and $1.88 billion, respectively. 

Dogecoin Price Builds Momentum as ETF Speculation Increases

According to Cas Abbé on X, Dogecoin price is consolidating within a symmetrical triangle pattern, signaling a potential breakout. The Relative Strength Index (RSI) is climbing, reflecting growing momentum. This type of setup is usually significant, as technical squeezes often precede strong price movements.

$DOGE is squeezing out.

RSI is showing momentum, and the SEC has also acknowledged the Doge spot ETF.

I think the next leg up for DOGE could start soon. pic.twitter.com/LYJm0NKIot

— Cas Abbé (@cas_abbe) February 14, 2025

Meanwhile, regulatory developments have added to market anticipation. The U.S. Securities and Exchange Commission (SEC) recently acknowledged Grayscale’s 19b-4 application for a Dogecoin spot ETF. This does not guarantee approval but signals increasing regulatory consideration for crypto-based investment products. A similar filing for an XRP ETF suggests broader institutional interest.

Polymarket data shows rising optimism, with the probability of a Dogecoin ETF approval reaching 74%, up from 27% in January. However, approval before July 31 remains uncertain, with current odds at 34%.

With momentum increasing and speculation growing, the Dogecoin price could soon experience significant volatility. Once the filing appears in the federal register, the 240-day window for SEC review begins. If regulatory sentiment continues to shift positively, DOGE may see strong upward price movement soon. 

Technical Analysis: Will Bulls Break Past $0.3500 Resistance Level?

Technical indicators on the daily chart suggest that the DOGE price is poised for a greater upward journey. DOGE is gearing up for a major rally after breaking out of the descending pattern, which has persisted since January 18.

Indicators such as Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) support the imminent price rally. The MACD line has climbed above the signal line, indicating a shift in market dynamics as the sellers feel exhausted and the buying pressure dominates the DOGE market. In addition, the histogram has shifted from the negative region to the positive region as the green bars start to form.

Furthermore, the RSI is steadily rising toward the neural region from the oversold region. The RSI, which has further room for growth before reaching the overbought region, indicates that the price could rally to break past the resistance in the $0.3500 region.