$DOGE Eyes $0.24 After Breakout, ETF Approval Odds Decline

Dogecoin Breaks Long-Term Trendline, Signaling Renewed Bullish Momentum.
ETF approval odds fall as meme coins face regulatory scrutiny.

Dogecoin ($DOGE) is exhibiting renewed bullish strength, having broken a key descending trendline on the weekly chart. Crypto analyst Sheldon The Sniper highlighted this development, noting that Dogecoin has decisively broken above a long-term descending trendline.

This trendline had previously acted as a ceiling, capping upward movements since DOGE’s late 2024 highs. Currently, DOGE is trading around $0.179, with bullish weekly candles forming above the former resistance.

Traders are interpreting this breakout as a significant technical confirmation of a shift in sentiment. The move signals an end to several months of range-bound trading and unsuccessful breakout attempts.

Historical data indicates that similar breakouts have often preceded multi-week rallies, potentially paving the way toward the $0.25–$0.35 range.

ETF Sentiment Cools After Trump’s Crypto Stance

Despite the positive price action, optimism surrounding a Dogecoin ETF has tempered slightly. Data from the prediction market Polymarket reveals that the likelihood of a DOGE ETF being approved by 2025 has decreased to 75%, down from 81% earlier in the week.

This decline follows former President Donald Trump’s announcement regarding a crypto ETF that excludes meme coins like DOGE. Analysts suggest that the exclusion is due to the high volatility associated with meme coins, which may be a concern for regulators.

While approval odds are still up 40% year-to-date, the exclusion casts doubt on DOGE’s near-term ETF prospects. Regulatory uncertainty remains a significant obstacle, despite growing demand for broader crypto-based investment products.

$0.21 Resistance Holds as Bulls Target $0.24

DOGE recently surpassed the $0.1735 Fibonacci level, reaching intraday highs above $0.21 before retracing to $0.2007. Charts indicate a red supply block at $0.21, suggesting increased selling pressure at that level. Although this zone presents resistance, rising volume suggests that buyers are currently maintaining control.

The Relative Strength Index (RSI) is approximately 66, approaching overbought territory but still allowing for further upward movement. If DOGE breaks above $0.21, the next resistance level is near the 61.8% Fibonacci level at $0.2399. Should the price retrace, support remains at the $0.1735 level, serving as a pivot for short-term trend confirmation.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making any financial decisions.