- Crypto trader forecasted Dogecoin (DOGE) price could rally 200% in the short term, based on a 5-year wedge breakout
- Dogecoin surpasses Bitcoin in daily price gains as the broader market rebounds from the last downtrends
- 21Shares submits a new amendment filing to the U.S. SEC, disclosing a 0.50% management fee
Dogecoin (DOGE) price has reclaimed the $0.15 mark following speculations of an imminent 5-year wedge breakout.
As regards price gains, DOGE outperformed Bitcoin (BTC), the world’s leading cryptocurrency, over the past 24 hours.
The DOGE recent price rally aligned with a Dogecoin exchange-traded fund (ETF) filing update by 21Shares.
Dogecoin Set for a 5-Year Wedge Breakout
Crypto trader Altcoin Pioneers recently released a highly bullish technical analysis post about Dogecoin.
The trader said Dogecoin is on the verge of a massive price explosion, just like it did in the 2021 bull run.
Altcoin Pioneers used chart patterns to argue for a breakout that could send the price soaring to over 200% in the short term.
The trader also anticipated a 10x rally or more in the long term.
A key bullish signal highlighted by Altcoin Pioneers is an imminent wedge breakout forming roughly 2020.
The trader noted that the DOGE price is at the tip of a massive 5-year falling wedge on the 3-week chart.
The DOGE price recently touched the upper resistance line around $0.175–$0.18, before perfectly retesting the lower trendline.
This is a classic breakout behavior, which could lead to more bullish rallies for DOGE.
As of this writing, DOGE was trading around $0.15, demonstrating a 9.9% rally over the past 24 hours.
Altcoin Pioneers added that the DOGE trading volume has dropped to very low levels. This is a good sign as low volume means sellers are exhausted.
The trader went on to list four technical indicators that confirmed the bullish price outlook.
These include strong weekly higher lows, RSI breaking a multi-year downtrend, and hidden bullish divergence on the MACD indicator.
DOGE Price Outperforms Bitcoin
While Dogecoin exhibited potential for more bullish price outcomes, it has outperformed Bitcoin in daily gains.
In today’s morning trading session, DOGE climbed to $0.1456, demonstrating a 9.9% increase over the previous day. In contrast, the Bitcoin price rallied only 6% within the same period.
The DOGE meme also surpassed BTC in daily trading volume, suggesting increased market activity.
While the metric increased by 19.05% for BTC, it surged over 41.3% for DOGE.
DOGE outperformed BTC because its relative momentum is stronger.
This often hints at risk-on sentiment, suggesting traders are rotating into memecoins as the broader market turns bullish.
Analyzing the DOGE price, crypto content creator Trader Tardigrade on X, noted that the meme is ready for future rebounds.
According to Trader Tardigrade, Dogecoin has formed a double bottom pattern on the 12-hour charts.
21Shares Updates Spot Dogecoin ETF
Amid the DOGE price recovery, crypto asset manager 21Shares has amended its S-1 filing for a spot Dogecoin ETF.
The asset manager submitted the filing to the U.S. Securities and Exchange Commission (SEC).
In the filing, 21Shares disclosed a management fee of 0.50% of net asset value (NAV). The move comes after the strong 24-hour rebound.
This is fueled by more people looking forward to ETFs and better technical signals on the DOGE charts.
The ETF amended filing is the latest since 21Shares first applied to list a spot DOGE ETF in April.
In late September, 21Shares filed an amended SEC registration for Dogecoin ETF under ticker TDOG. The filing classifies Dogecoin as a “meme coin” but not a security, according to the SEC language.
Analysts predicted that ETF approval could drive demand, but Dogecoin’s uncapped supply may limit long-term upside.
Meanwhile, Grayscale has launched the first Dogecoin ETF, under the ticker symbol GDOG. Bloomberg senior ETF analyst Eric Balchunas predicted GDOG could record $12 million in trading volume on its first day.