TLDR
- Dogecoin trading around $ 0.23 after forming a rising channel with higher heights and lowness
- A key analyst predicts Dogge can go “parabolic” in October with a potential increase against $ 1
- The recently launched Rex-OSprey Dogge ETF has crossed $ 20 million in assets
- Technical Support of $ 0.18-0.19 has proven to be resistant to the key resistance to $ 0.2485
- Q4 usually provides volatility to crypto markets, and dove is placed as an important coin to look at
Dogecoin has consolidated close to $ 0.23 levels because traders keep a close eye on what could potentially be a breakout quarter for the original meme coin. With technical indicators showing promising characters and a new ETF that is given traction, the market players look at signals that Dogge can prepare for a significant feature in the coming months.
The daily time frame table shows that Dogecoin has established a trend in recent months. The pattern for higher heights and higher lowness has created a rising channel that traders use to identify potential entrance and starting points.
Dogge recently retreated to the lower limit of this channel. This support zone coincides with 100-day exponential moving average (EMA) and adapts to the upper range of Murrey Math Lines tool, which creates a strong technical basis for a potential bounce.
Historical data shows that when Dogge reaches this level of support, significant returns often follow. In June, the coin rose over 100% after touched this support, while a similar pattern in September resulted in an increase of 50%.
Crypto is currently acting at $ 0.2268 after experiencing a modest 3.24% daily decline. Trade has remained within a dense interval between $ 0.2265 and $ 0.2389, which indicates price compression that often occurs before larger price movements.
With the daily trading volume exceeding 780 million dock, the market shows strong liquidity that can support an outbreak of buying the pressure increases.
Technical views
The interval 0.18-0.19 $ has proven to be a reliable support zone, where buyers consistently enter as prices approach this area. This level will be crucial to monitor in the coming weeks, as it is important to maintain this support for that haisse.
The immediate resistance is approximately $ 0.2485, but technical analysts indicate that if bulls can build speed, the real goal is in the range $ 0.315-0.38, which represents a potential 40% upside from current levels.
An anonymous analyst with over 30,000 followers has identified a cup-and-handle pattern on the ten-day chart. This formation is often regarded as a haus -like continuing pattern that can eventually squeeze the dock against $ 1, which would constitute an increase of 338% from current prices.
However, there are risks to this haus -like vision. The rising channel reduces and potentially forms a rising wedge pattern. Rising wedges often lead to baisse -like outbreaks, which can occur after Dogge tests the upper limit once or twice.
ETF Development Gains Momentum
A potential catalyst for Dogecoin’s price measure is the recently launched Rex-OSprey ETF, which has seen consistent influx since the introduction earlier this month. The fund has now crossed the important milestone of $ 20 million in assets under management.
These steady inflows indicate increasing demand for exposure to Hundecoin from US investors. Market observers suggest that this demand may increase further with the launch of mainstream Dogge ETFs expected in October.
The ETF development is parallel to what happened to Bitcoin and Ethereum, both of which reached record heights after their respective ETF approvals. This historical precedent has many Dogecoin supporters Optimistic about similar results.
Meme symbols have historically exceeded during periods with positive marketing terms and increased risk appetite. Dogecoin’s advantage extends beyond technical indicators to include its massive and committed society that can quickly strengthen price movements through social momentum.
The most important level to look at is $ 0.25. A decisive interruption over this resistance would probably attract momentum dealers and potentially open the door to the range $ 0.30-0.38. However, if the support about $ 0.18-0.19 fails, they would have the prospects weakened considerably.
Q4 usually provides increased volatility to the Cryptocurrency markets, and with its current installation, Dogecoin seems to be positioned as one of the most important digital assets to see for potentially upside when the year ends.
