Dogecoin is buzzing again! Everyone’s talking about the meme coin’s price, with some experts even predicting it could skyrocket by a whopping 200%. The big driver? Whispers and rumors of a Dogecoin ETF approval are getting louder. Traders are glued to the charts, wondering if DOGE will finally smash through its previous high of $0.739.

The U.S. Securities and Exchange Commission (SEC) is currently taking a close look at several applications for a Dogecoin ETF, and investors are holding their breath for what could be a massive price jump.

Dogecoin ETF Filings and Market Expectations

Big names like Grayscale Investments, CoinShares, and WisdomTree have thrown their hats in the ring, all applying to launch a Dogecoin ETF. Their goal is to give everyday investors a regulated and easy way to get involved with Dogecoin. It’s a significant step forward, and the SEC has officially acknowledged Grayscale’s application, which means the formal review process is officially underway.

Think about it – if one of these ETFs gets the green light, it could open the floodgates for institutional money to flow into Dogecoin, potentially pushing its price much higher.

Interestingly, there seems to be a shift in how regulators are viewing crypto, especially lately. Remember how the SEC just dropped its lawsuit against Coinbase? Many see this as a sign of a more welcoming approach to crypto. This change in attitude is fueling excitement about approvals for new crypto investment products, and we’re not just talking Bitcoin and Ethereum. People are hopeful for altcoin ETFs like XRP, Litecoin, Hedera, and, of course, a Dogecoin ETF. So, the thinking goes, if a Dogecoin ETF is approved, get ready for a potentially huge surge in its price!

Technical Indicators Suggest a Bullish Outlook

Looking at the charts, it seems Dogecoin might be gearing up for a big move. On the four-hour chart, a pattern called a “falling wedge” has appeared, and DOGE has already broken out of it. For those who follow chart patterns, this is often seen as a positive sign that prices could climb further.

Digging into some key indicators also paints a potentially rosy picture. The Average Directional Index (ADX) is currently at 27.95, which suggests a trend is starting to take shape. Meanwhile, the Relative Strength Index (RSI) has bounced back to 43.67 after dipping into oversold territory. If the RSI manages to climb above 50, it could be another strong signal that Dogecoin’s price is gaining bullish momentum.

For those actively trading, key levels to watch are the support around $0.23 and resistance at $0.26 and then $0.30. If Dogecoin can break through these resistance levels, it could pave the way for further price increases.

Analysts Predict DOGE Price Could Reach $3 to $5

Now, let’s talk predictions! Several analysts, like Javon Marks, are forecasting some seriously big gains for Dogecoin in the current market cycle. Basic Trading is also watching closely and has pointed out $0.2, $0.5, and even $5 as important price levels. They note that despite some recent dips, Dogecoin is still in an overall upward trend. This analyst group highlights Dogecoin’s history of massive percentage jumps in previous bull markets, suggesting history could repeat itself.

Crypto analyst Ali Martinez is on the same bullish page, suggesting if Dogecoin holds its support between $0.16 and $0.19, we might see a rally all the way to $3! Trader Tardigrade echoes this sentiment, observing that Dogecoin’s long-term chart looks quite similar to its 2017 cycle. If the pattern holds, we could be looking at a surge towards $1.7.

And some analysts are even more optimistic! Dima Potts has thrown out a potential target of $10 for Dogecoin if it follows the trends of past bull markets. Many traders are starting to believe that Dogecoin’s past price action hints at a very real possibility of not just reaching, but soaring past its previous all-time highs.