Dogecoin Sees Price Rebound Amid ETF approval Hopes
Dogecoin (DOGE) has seen a price surge, climbing to $0.2630, a 16% increase from its September low. This rise comes as investors anticipate the Securities and Exchange Commission (SEC) approving two DOGE ETFs by Grayscale and Bitwise this month.
Analysts predict a bullish trend for DOGE as the SEC nears its decision on the exchange-traded funds. Bloomberg’s Eric Balchunas believes the SEC will likely approve most applied ETFs. The agency’s generic standards list,which includes criteria like regulated futures availability,boosts approval odds. Dogecoin futures already exist, increasing the likelihood of a positive outcome.
The SEC has already greenlit a spot DOGE ETF under the Investment Company Act of 1944.This fund, DOJE, has amassed over $21 million in assets since its September launch. its success hints at potential for other funds, especially with lower expense ratios.
DOGE’s price may climb further due to the ongoing Uptober rally, which has lifted other cryptocurrencies.
On the daily chart, DOGE bottomed at $0.2200 in September and has since risen above the 50-day and 100-day exponential Moving Averages.This bullish signal suggests the price coudl target the year-to-date high of $0.3088, about 20% above current levels. Though, reaching $1 would require a 250% increase, unlikely given the forming rising wedge pattern.
Key points to watch:
- SEC’s decision on DOGE ETFs
- Continued Uptober rally impact
- Formation of rising wedge pattern
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