The popular cryptocurrency Dogecoin (DOGE) has shown a recent increase of 0.83% in the past day, rising to $0.2329 as it holds its consolidation trend. A well-known cryptocurrency specialist, Trader Tardigrade, has highlighted an expanding wedge pattern in the weekly chart, suggesting a potential climb to $1.4. This renewed interest aligns with Grayscale Investments’ update on their S-1 submission to the SEC for a Dogecoin spot ETF.
Will Dogecoin Hit the $1.4 Mark?
Trader Tardigrade interprets the expanding wedge on Dogecoin’s current chart as a potential indicator of stronger gains. Historical patterns reflect substantial earnings, with previous jumps encompassing a 120% rise from $0.22 to $0.48, and an impressive 190% surge to $0.77. Consequently, the predicted $1.4 target is positioned as a considerable prospect if such patterns persist.
The daily chart reveals Dogecoin is in an accumulation phase, consistently trading between $0.21 and $0.30 since February. Steadily increasing lows suggest building buyer confidence, indicative of sustained interest in this meme cryptocurrency.
Technical thresholds are clearly identifiable. Surpassing $0.25 with strong momentum could elevate prices to $0.30, potentially leading to a retest around $0.50 if the upward movement persists. As the Relative Strength Index (RSI) remains neutral at 52, an impending upward breakout is anticipated as accumulation continues.
How Is Grayscale’s ETF Update Affecting Dogecoin?
Grayscale recently enhanced its S-1 filing, intending to list Dogecoin under the “GDOG” ticker on NYSE Arca. The proposed ETF directly incorporates DOGE, reflecting its spot market value with exclusions for management fees. Coinbase Custody has been chosen to meet institutional safekeeping standards.
The February 2025 filing laid the groundwork for this progress. A favorable SEC response could bolster liquidity and attract extensive institutional investment. This development also serves as a catalyst for similar previously halted products like those from 21Shares. Market dynamics for Dogecoin during October 2025 will likely be crucial.
“Our update demonstrates our commitment to delivering innovative investment opportunities,” stated a spokesperson from Grayscale Investments.
Conclusions from the analysis include:
– The expanding wedge pattern hints at a substantial upward trend.
– Dogecoin’s accumulation phase points to growing market trust.
– Grayscale’s ETF could unlock significant market liquidity and interest.
Dogecoin’s upward trajectory presents opportunities for both individual and institutional investors, highlighting the potential impact of Grayscale’s ETF proposal in shaping the currency’s future. As market dynamics evolve, the focus shifts toward the meme coin’s sustained growth prospects and institutional involvement.
