Dogecoin Forms Golden Cross as Wave 3 and ETF Buzz Set $0.3763 Target in Focus

Dogecoin (DOGE) is exhibiting promising signs, including a Golden Cross formation on its daily chart, suggesting the potential for a significant upward trend. As of the latest observation, Dogecoin is trading around $0.2207. Analysts are closely monitoring a confluence of bullish indicators, such as a confirmed double bottom pattern and the emergence of an Elliott Wave 3 formation, bolstering the possibility of a surge towards a target of $0.3763. Adding to the positive outlook is market speculation surrounding a potential Dogecoin ETF.

Golden Cross, Wave 3, and Double Bottom Convergence

According to insights shared by Joe Swanson, Dogecoin's daily chart has confirmed a Golden Cross, a bullish signal that occurs when the 50-day moving average surpasses the 200-day moving average. This pattern is widely recognized as a positive indicator in both cryptocurrency and traditional financial markets.

In addition to the Golden Cross, the chart reveals a confirmed double bottom pattern, with strong support established near $0.12. The breakout from this formation aligns with Elliott Wave Theory, positioning Dogecoin in Wave 3. This wave is often associated with substantial price increases during strong market trends. Analysts suggest that, if this structure holds, Dogecoin could potentially reach a projected target of $0.3763, based on Fibonacci extensions and historical resistance levels observed in 2022.

ETF Speculation and Macro Trend Support Bullish Sentiment

Market sentiment has been further buoyed by increasing discussions surrounding the possibility of a Dogecoin ETF. Community estimates and several crypto analysts place the likelihood of approval at around 75%.

While regulatory decisions remain pending, the anticipation of a Dogecoin ETF has sparked renewed interest from both traders and long-term investors.

Analysts have also noted that Dogecoin's macro pattern mirrors previous market cycles, which were characterized by substantial rallies in 2017 and 2021. This observation suggests that Dogecoin may be establishing a foundation for another significant price movement. Furthermore, it has been noted that Dogecoin may have found a bottom, and a break above key resistance levels could further reinforce a bullish continuation.