Journalist
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Key Takeaways
Despite the delay in the launch of the DOGE ETF (DOJE), Dogecoin prices rallied past the $0.287 resistance. Further gains are expected, but the OBV has not made a new high, which was a slight concern.
The Dogecoin [DOGE] ETF rumors have come true, with the official launch of the Rex-Osprey DOGE ETF, with the ticker symbol DOJE. They will be going live next week, and not on the 12th of September as revealed earlier.
Despite the delay, DOGE continued to rally higher. At the time of writing, it was close to the $0.3 round number resistance, and possessed strong bullish momentum and buying pressure.
This impetus should send the leading memecoin toward the next key resistance at $0.4.
Can Dogecoin achieve the $1 target in 2025?
Source: DOGE/USDT on TradingView
On the 1-day chart, a daily session close above $0.287 would represent a bullish structure break and continued gains for DOGE. The breakout past the range, which has been in play since March, was an encouraging sight.
A failed breakout in July raised concerns that the current move could be a liquidity grab before the price descends back into the range.
However, with Bitcoin [BTC] climbing in recent days and targeting the $117.5k short-term resistance, the bullish outlook for Dogecoin was justified.
The ETF was accompanied by above-average trading volumes in recent days. Yet, the OBV was unable to move past the local high set in July. This hinted at a lack of accumulation over the past two months, but it was only a minor concern for investors.
Overhead, the next significant resistance level was at $0.434. The $0.4-$0.45 area can be considered a supply zone, as it was close to the highs made in November-December 2024.
A retest of the $0.26-$0.285 area would likely see a bullish reaction and offer swing traders a buying opportunity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
