Dogecoin Holds Above $0.22 as Analysts Eye ‘God Candle’ Breakout Toward $1

Dogecoin continues to attract attention as both technical and fundamental factors align, hinting at possible bullish momentum. Despite a mild decline to $0.229 as of press time, analysts highlight that the coin is trading above crucial support zones. 

This price action comes as speculation grows around a potential Dogecoin ETF approval in 2025, further fueling optimism. With the market cap holding steady near $34.6 billion, Dogecoin remains a central focus for traders eyeing its next big move.

Historical Patterns Reinforce Bullish Expectations

According to thescalpingpro, Dogecoin has repeatedly demonstrated strong upside moves whenever it flips above the bull market support bands (BMSB). Historical flips in 2021, 2024, and mid-2025 all resulted in explosive rallies, often triggering what traders call “God candles.” 

At present, DOGE is consolidating above the BMSB, with support around $0.22–$0.21. This setup raises the prospect of another significant rally if momentum builds. Resistance at $0.30 and $0.45 remains the first hurdle, while a breakout could extend toward the $0.70–$0.90 range.

Short-Term Triangle Formation Strengthens the Bull Case

On the lower time frame, Trader Tardigrade observes Dogecoin forming an ascending triangle pattern on the 2-hour chart. The resistance zone near $0.237–$0.238 has capped upward attempts, but higher lows are pressuring price against this ceiling. 

With support now around $0.233, the structure leans bullish. A close above $0.238 could pave the way for targets at $0.244–$0.245, while losing $0.233 risks a pullback to $0.230. Momentum indicators favor buyers if volume confirms the breakout.

Weekly Chart Structure Points Toward Bigger Gains

Besides short-term signals, Dogecoin’s weekly chart paints a broader bullish picture. Trader Tardigrade highlights that DOGE has consistently respected its ascending trendline, sparking rallies with each retest. 

Source: X

Current support between $0.22–$0.25 has proven resilient, and as long as it holds, upside targets include $0.35, $0.50, and even $1.00–$1.25 in coming months. However, a decisive breakdown below $0.22 would weaken this bullish structure significantly.

ETF Developments Add Fuel to the Speculation

Source: Polymarket

Meanwhile, the probability of a Dogecoin ETF approval surged on prediction platform Polymarket, now reflecting over 99% odds. Total volume on this market has exceeded $213,000, showing rising investor interest. 

Additionally, the 21Shares Dogecoin ETF has already appeared on the DTCC system, marking progress in the regulatory pipeline. With the SEC reviewing spot ETF applications from Grayscale and Bitwise, decisions expected by mid-October could influence sentiment further.