Dogecoin Eyes $1: Will ETF Approval Make It Happen?

Dogecoin ETF approval odds rise to 54% for 2025, signaling a potential rally beyond $1. Will DOGE lead the meme coin revolution? 

As Bitcoin momentarily reclaims the $99,000 mark, meme coins are gaining bullish momentum. With the meme coin market cap at $71.39 billion, Dogecoin at $0.26 is gradually building strength.

With an intraday rise of 1.48%, the meme coin balances near the 200-day EMA line. While bulls struggle to bounce back, the highly volatile market sentiment warns of an extended correction.

Dogecoin Faces Key Resistance and Support Levels

In the daily chart, the DOGE price action reveals a growing bearish influence. This has resulted in the breakdown of the $0.41 support zone and the $0.31 support zone.

As the downfall continues, Dogecoin is now trading under the 200-day EMA line while testing the crucial psychological support at $0.25. The higher price injection in the intraday candles hints at an extended correction.

Furthermore, the bearish crossover between the 200-day EMA line triggers another sell signal. However, the bullish divergence in the RSI line hints at a potential comeback to retest the broken $0.31 psychological support zone with the 100-day EMA line.

Whale Accumulation Hints at a Bullish Comeback

Despite the growing bearish influence, whales are purchasing DOGE at a massive discount. As per the recent X post by Ali Martinez, whales have seized the opportunity to buy 750 million DOGE.

This is a strong sign of confidence by Dogecoin whales anticipating a bullish comeback. 

Dogecoin ETF Approval Could Spark a Massive Rally

Another upcoming bullish catalyst for DOGE is the potential approval of a Dogecoin ETF. With growing support from the Trump administration for crypto projects, the chances of an ETF approval for altcoins have significantly increased.

Furthermore, as the largest meme coin in the crypto market, Dogecoin could become the first meme coin ETF to ever exist. Such a milestone would solidify its position in the industry and attract institutional interest.

Currently, data from Polymarket suggests a 54% chance of a DOGE ETF getting approved in 2025. If approved, a Dogecoin ETF would provide a massive sentiment boost, potentially kick-starting a parabolic rally. 

With increased institutional demand and mainstream adoption, DOGE could surpass the $1 milestone. Thus, marking a new era for meme coin investments.

Dogecoin Price Targets

If Bitcoin reclaims the $100,000 mark, a potential retest of the $0.31 mark by Dogecoin is highly likely. On the flip side, a bullish failure will likely continue the downfall to the $0.20 psychological mark.