Dogecoin price has rallied more than 15% in a week, with popular analysts coming out with massively bullish DOGE price predictions.
This comes amid Bloomberg ETF analyst Eric Balchunas announced the launch of the REX-Osprey Dogecoin ETF (DOJE).
Some analysts believe this could finally trigger a rally towards $1. As investors will likely invest in the first meme coin exchange-traded fund (ETF) without holding DOGE.
Popular Analyst Predicts Next Price Levels for Short Term
Crypto analyst Ali Martinez joined other analysts in predicting a bullish scenario for Dogecoin. He pointed out that DOGE price is set to break $0.29 resistance amid massive demand from whales and investors.
Massive demand for Dogecoin ETF could even trigger a run to $0.50 in the short term, he added. However, it would require support from a massive trading volume.
Unlike conventional spot crypto ETF filings, the Rex-Osprey DOGE ETF bypasses the lengthy 19b-4 process by using the Investment Company Act of 1940 path.
However, experts such as ETF analyst Nate Geraci believe the US SEC could finalize new generic listing standards in October.
This could open doors for many altcoin ETFs awaiting the SEC’s approval, with more than 90 ETFs applications likely currently with the SEC. October could be a decisive month for the next wave of crypto ETFs.
Analyst WIZZ claimed the $0.25-$0.26 is a key level as the price failed to break it a few times earlier. However, he believes DOGE price could rally to $0.40 if it breaks above the level.
FOMO in Whales Signals Buying Pressure
According to Santiment, whales were already preparing in response to the likely launch of Dogecoin ETF this week.
Wallets holding between 1 million and 10 million DOGE saw an increase in holdings, with nearly 7% rise in supply among these wallets.
The FOMO could even bring back retail investors in the race to buy the Rex-Osprey Dogecoin ETF.
Notably, the odds of approval have climbed to around 93%, with several new filings and updates to the existing applications.
As The Coin Republic reported, the Rex-Osprey Dogecoin ETF is backed by REX Shares and Osprey Funds.
They have earlier used the Investment Company Act of 1940 to get automatic approval for their Solana + Staking ETF.
Data shows $185 million worth of shorts on Bitget, a large crypto exchange, are exposed over the next 30 days. Across all exchanges, the figure is close to $500 million.
DOGE Price Action Ahead of ETF Launch
Dogecoin price jumped 2% in the past 24 hours, with the price currently trading at $0.244. The 24-hour low and high were $0.237 and $0.245, respectively.
However, the trading volume has decreased by almost 40% over the last 24 hours. This signals cautious trading among traders due to the CPI inflation data due on Thursday.
In the daily timeframe, the price is trading fairly above the 50-SMA, 100-SMA and 200-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) rises to 60, signaling potential for further upside move.
CoinGlass data showed moderate buying in the derivatives market. At the time of writing, the total DOGE futures open interest jumped 3% to $4.29 billion in the last 24 hours.
The 4-hour DOGE futures OI on Binance, OKX, and Bybit climbed more than 2%, 1% and 3%, respectively. This signals bullish sentiment among derivatives traders.