DOGE, the leading dog-themed meme cryptocurrency, is experiencing highlighted volatility this week amid Donald Trump’s inauguration and ETF hype. This current consolidation maintains above $0.35 Dogecoin price and strengthens the formation of a bullish continuation pattern called ‘Pennant’.
According to CoinGecko, the DOGE’s market capitalization currently wavers at $55.6 Billion and the 24-hour trading volume at $10.8 Billion.
Key Highlights:
- The REX Foundation’s proposed ETFs feature major cryptocurrencies, including BTC, ETH, XRP, SOL, and DOGE).
- The Dogecoin price is 9% short from a bullish breakout of the pennant pattern.
- DOGE’s current recovery trend could witness a surge in selling pressure at $0.48.
Dogecoin Volatility Meets Opportunity Through ETF Launch
Bloomberg’s Senior ETF Analyst, Eric Balchunas, recently highlighted in a tweet that the REX Foundation has filed with the U.S. Securities and Exchange Commission (SEC) to launch a series of cryptocurrency-focused exchange-traded funds (ETFs). These proposed ETFs are linked to several major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE), along with lesser-known tokens such as BONK and the controversial TRUMP token.
Named “REX-Osprey ETFs,” the filing outlines plans for seven individual funds, each dedicated to a specific cryptocurrency. The introduction of ETFs provides a secure and regulated pathway for institutional and retail investors to gain exposure to the crypto market without holding the underlying assets.
Dogecoin, known for its pronounced volatility, suggests that a potential ETF approval could trigger a significant price surge.
Dogecoin Price Nearing a Major Breakout
Over the past two months, the Dogecoin price has traded sideways, resonating within the formation of a pennant pattern. The altcoin bounced twice from each trendline, indicating the pattern’s reliability and potential influence on future prices.
Theoretically, the chart setup should offer a temporary pullback for buyers to recuperate the exhausted bullish momentum. Furthermore, events like ETF approval could accelerate the market buying pressure and trigger an upside breakout from pennant formation.
The post-breakout rally could drive the asset past $0.66, followed by $1.
Also Read: President Trump Expected to Issue Crypto-Friendly Executive Orders: Circle CEO
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