Dogecoin price forecast centers on ETF decision
Dogecoin is currently at a pivotal moment, with various factors indicating a potential breakout. The price of DOGE is close to $0.20, showing signs reminiscent of its previous parabolic run. Additionally, the emergence of high-volatility tokens like Maxi Doge indicates a growing interest in meme-driven assets.
One significant aspect affecting Dogecoin’s price is the presence of a dormant gap between $0.07 and $0.19 in on-chain data. This gap signifies historically low transaction activity and can act as a catalyst for rapid price movements in either direction. Analysts believe that the next major resistance levels for DOGE are between $0.23 and $0.25, with $0.29 serving as a crucial confirmation point for a sustained breakout.
Recent data shows that large holders are accumulating Dogecoin, with over $41.9 million being withdrawn from centralized exchanges. This behavior mirrors patterns observed before the last major meme coin wave in 2021. The thinning supply combined with favorable momentum indicators suggests the potential for a significant price surge.
Another factor contributing to Dogecoin’s price speculation is the anticipation surrounding a possible Dogecoin ETF approval. The 21Shares DOGE ETF (TDOG) has been added to the DTCC list, indicating a positive outlook for approval. Internal sources suggest that the SEC’s decision is expected by October 17, with approval odds estimated as high as 95%. If approved, an ETF could lead to institutional flows into DOGE, with price targets ranging from $0.33 in the mid-term to $0.75 to $1.36 by early 2026.
Furthermore, Dogecoin’s expanding use cases, such as being accepted by Tesla, PayPal, and Revolut, along with its integration into social platforms like Thumzup for content creator payouts, showcase its growing utility. These developments highlight Dogecoin’s potential for mainstream adoption and its ability to reduce costs associated with traditional banking intermediaries.
Looking ahead, technical analysts predict that if DOGE surpasses the $0.23–$0.25 range and closes above $0.29 weekly, it could trigger a pattern breakout similar to the 2021 surge. With the ETF decision looming and continued accumulation by whales, the conditions seem favorable for a potential rally. However, the inherent volatility of Dogecoin underscores the need for caution, prompting traders to adopt hedging strategies to mitigate risks in this dynamic market environment.
