Dogecoin (DOGE) experienced a 3% price surge on Friday, extending its weekly gains to 17.3%, as ETF speculation continues to gain traction. This bullish breakout was partly fueled by the SEC’s acknowledgment of Grayscale’s XRP and Dogecoin ETF filings, which has spurred renewed market optimism.
Technical Analysis: Signs of Potential Breakout
Analysts note that Dogecoin has been trading near key resistance levels, with its price fluctuating between $0.244 and $0.25 following a bounce from a low of $0.201. The cryptocurrency is currently trading around $0.27991, having climbed 15.88% over the past seven days. The market is watching the midline of the Keltner Channel at $0.28185 as a potential pivot point. A successful breakout above this level could propel DOGE toward the upper band at $0.33012 and beyond.
Open Interest Indicates Short Capitulation
Data from Coinglass shows that Dogecoin’s open interest has dropped by $60 million over the last 48 hours, settling at $2.42 billion. This significant decline suggests that short traders are closing positions, reducing selling pressure and potentially setting the stage for a further rally.
Looking Ahead: Critical Levels for Recovery
While momentum indicators remain cautiously bullish—with the RSI at 45.63 climbing from oversold conditions—a sustained breakout above $0.30 is seen as a key target. Conversely, if DOGE retraces below $0.28, support at $0.23358 may be tested, potentially invalidating the current bullish outlook.
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