Analysts Are Optimistic & DOGE ETF Appears Underway; What’s Next?

Dogecoin (DOGE) is widely used for payments, including by Tesla, and Jackson Palmer and Billy Markus created it as a poof on cryptocurrency’s hype. The Shiba Inu meme inspired it. It uses the technology of Litecoin and has garnered value among the community through community use and endorsements by various celebrities, notably Elon Musk.

Is DOGECOIN ETF Underway?

According to a Cillionaire.com tweet on X, BitMEX founder Arthur Hayes hypothesized that the Dogecoin ETF might be on the way to launch soon before the cycle ends. People know Dogecoin as one of the oldest memecoins in the crypto market, launched on Robinhood in the United States. 

Recently, Amit Jaiswal, the founder of Bitcoin Gurukul, commented on the post of the Cillionaire.com handle, which is known for the fastest coverage of crypto news. Amit optimistically says that Arthur Hayes’ perspective appears attractive, and the potential launch of Dogecoin ETF could help reshape the entire crypto landscape.

What Does Weak Liquidity Signify in the DOGE Crypto?

The DOGE price fell by 0.97% in market value and optimized by 25.72% in trading volume in the last 24 hours, per CoinMarketCap. Its market cap value stands at $19.39 Billion, and the trading volume amounted to $513.36 Million. When writing, there is 100% supply in circulation out of the total supply of 144.744 Billion DOGE coins. 

However, since Dogecoin’s Falling wedge pattern failed after reaching the $0.1750 level, the price returned to near the previous support at $0.1325, and its liquidity is very low. The volume-to-market cap of 24 hours stands at 2.59%, which exemplifies weak liquidity. The DOGE market needs a big liquidity boost at this crucial phase, which could take the DOGE price to the next level.

What Does Analyst Say for DOGE Optimism in the Future?

The Analyst, Trader Tardigrade’s optimistic tweet post on the X platform displayed a chart drawing of a 2-month timeframe, which showed the price cycles. In these cycles, DOGE has formed a Ladle pattern in each cycle, where a bowl is created in approx. 1035 days on the chart, then a spike comes for a new ATH. 

Meanwhile, the same price portrayal has been witnessed two times on the 2 monthly charts, and the third one is underway, where the bowl is ready, and the price could optimize soon, as well, for a new ATH this year, probably.

What Does Dogecoin Price Indicate on the Daily Chart?

In the daily chart, the price declined after the failure of a breakout this month. This month, its price fell by -25%. The DOGE price is back to the nearest support at $0.1325, from which it ascended earlier.

During this price degradation, the 50-day and 200-day EMAs highlight bearishness, MACD below zero line at -0.00610, and RSI at 35.63 after facing resistance from 14-SMA.

The possibility of the price showing a resurgence is higher since it’s near the previous demand area (previous liquidity surge zone). At press time, the DOGE price stands at $0.13289 with intraday decline of -3.00%. If the price resurges, it could spike towards $0.1750 and $0.2200 levels. Beyond this supply, the price could elevate more over the bigger timeframes.

However, if the price fails the current demand-based support area, the DOGE price could break $0.1325 and reach the nearest support area of $0.1000.

Summary

Dogecoin, created as a joke by Palmer and Markus, is now endorsed by Tesla and celebrities like Elon Musk. Speculation about a Dogecoin ETF launching soon has sparked optimism in the crypto community despite recent drops in price and trading volume indicating weak liquidity.

An Analyst predicts DOGE optimism with Ladle pattern formation coming to a new ATH. The daily chart shows a -25% decline after breakout failure, with support at $0.1325. 50-day and 200-day EMA bearish, MACD -0.00610, RSI 35.63. The price is near the previous demand area. A potential resurgence towards $0.1750 and $0.2200 is possible, or it may drop to $0.1000 support.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.