Dogecoin Eyes $0.30 As ETF Speculation Fuels Buying Pressure and Optimism

Dogecoin gains 3% as the SEC acknowledges Bitwise's ETF filing and market sentiment turns positive.

Investors see a 70% chance of SEC approval before year-end fueling optimism for Dogecoin’s future.

Strong buying pressure and bullish indicators suggest DOGE may reach $0.30 if momentum continues

The U.S. Securities and Exchange Commission has received an application for a Dogecoin exchange-traded fund from Bitwise. This marks an important development in bringing Dogecoin into mainstream financial markets. The proposal is currently under review, and the decision could impact cryptocurrency investments in the coming months.

Market Speculation Surrounds Approval Odds

Recent indications suggest higher chances for the SEC to approve the Dogecoin Exchange Traded Fund. The marketplace indicates a 70% probability for SEC approval to occur before this year ends. The acceptance rate for the Dogecoin ETF has risen by 33% in recent weeks because of changing investor perception and market conditions

The approval of the ETF seems likely to trigger substantial monetary flows toward Dogecoin. Increased institutional interest may also push DOGE prices higher.

Dogecoin Price Movement and Market Trends

The largest memecoin is trading at $0.1670, with a 3% increase in the past 24 hours. The market cap stands at $24.78 billion, while the trading volume is down 13.85% to $1.57 billion.

DOGE has experienced notable price fluctuations in recent weeks with the coin briefly reaching $0.1598 before it experienced a slight recovery. The upcoming resistance point rests at $0.20 before potentially rising to $0.30 when bullish momentum gains strength.

The Moving Average Convergence Divergence indicator signals a positive trend. The MACD line currently sits at 0.00189, while the signal line is at -0.00783. This suggests a continuation of upward momentum. If the MACD remains above the signal line, further gains could follow.

Buying Pressure Remains Strong

The Chaikin Money Flow (CMF) indicator remains positive at 0.17. This reflects strong buying pressure, indicating sustained market demand. A higher CMF often signals continued price growth if momentum persists. The trader-set projected price of $0.30 indicates a potential market value growth of 77% from present value. The direction of DOGE will depend on both general market trends and technical analysis indicators.

The final decision made by the SEC will significantly impact Dogecoin's path ahead. The ETF's successful approval would boost market liquidity alongside increased investor participation. The market will follow important indicators alongside regulatory developments to monitor Dogecoin's progress.