Dogecoin Breakout? Bollinger Bands Tease What to Expect

Cover image via U.Today

Dogecoin (DOGE) is currently consolidating after a recent market downturn. The price has fallen over 3.5% in the last 24 hours, trading at $0.1533. While sellers currently dominate, technical indicators like the Bollinger Bands suggest a potential rebound.

Dogecoin and Bollinger Bands: A Look Ahead

Despite the recent dip, Dogecoin shows a 4.35% increase over the past seven days. This upward trend, reflected in the daily Bollinger Bands, indicates decreasing volatility.

Many anticipate a DOGE price recovery. As reported by U.Today, large Dogecoin holders ("whales") accumulated over 800 million DOGE in the last 48 hours, indicating they view the current price as a significant buying opportunity. Continued accumulation could fuel a price rebound.

The Potential Impact of a Dogecoin ETF

Beyond whale activity, the possibility of a Dogecoin exchange-traded fund (ETF) is generating excitement. Bloomberg analysts report that major asset managers, including Grayscale, have filed for such a product, which has a high probability of approval. Recent pro-crypto changes within the U.S. Securities and Exchange Commission (SEC), including a new chairman, further bolster market confidence in the approval of a DOGE ETF, along with other altcoin funds.

Currently, DOGE's price trajectory remains linked to the overall market sentiment. The next few days will be crucial in determining its direction. Read the original article on U.Today