Dogecoin (DOGE) Price Signals a Bullish Trend as the Market Awaits the Grayscale ETF

t Daniel Ramsay has highlighted a highly bullish setup for Dogecoin (DOGE) on the monthly chart, pointing to a confirmed breakout of the classic “Cup & Handle” formation. This pattern, often associated with long-term uptrends, suggests that DOGE could be on the verge of a major rally. Source: X Additionally, Ramsay notes the presence of the “Three White Soldiers” candlestick pattern — another strong bullish indicator. While a short-term retest of the key zone is possible, the overall outlook remains optimistic, with technical signals aligning for a significant upward move. Retest or rally? Key levels to watch As Dogecoin hovers around the $0.30 mark, traders are debating whether the price will continue its rally or retest lower support levels before another move upward. The recent price action shows a steady decline from its local highs near $0.45, suggesting that a pullback to key support levels around $0.26 or even $0.22 could be in play. Source: TradingView The worst-case scenario would be a break below these levels, which could invalidate the bullish setup. However, if buyers step in at these zones, DOGE could rebound and resume its uptrend. A decisive close above $0.35 would signal renewed bullish momentum, paving the way for another breakout. Will Dogecoin ETFs push DOGE further? Grayscale’s recent filing for a Dogecoin ETF has ignited optimism among investors, with some speculating that DOGE could rally to $1 or even $3.80. Historically, the approval of crypto ETFs has often led to significant market movements. For instance, the launch of the first Bitcoin ETF in January 2024 attracted over $39 billion in investments, contributing to Bitcoin’s price surge. Similarly, the introduction of Ethereum ETFs correlated with notable price increases for ETH. However, it’s essential to consider that market reactions can vary, and past ETF launches have also been followed by price corrections.

Cryptocurrency markets have been abuzz with anticipation following Grayscale's filing for a Dogecoin ETF. Some investors are optimistic that this could propel DOGE to levels as high as $1 or even $3.80.

Could this be a realistic scenario? Let's delve into the technical and market factors that might influence DOGE's future trajectory.

A glance at DOGE's long-term price chart reveals a series of peaks and troughs, forming a distinct "Cup & Handle" pattern. This formation is typically bullish and suggests an extended uptrend.

According to crypto analyst Daniel Ramsay, a recent breakout from this pattern on the monthly chart is a positive sign.

Moreover, the presence of the "Three White Soldiers" candlestick pattern further strengthens the bullish case, indicating three consecutive days of gains.

After a key zone breakout, a short-term retest is common, but the overall outlook remains bullish.

As DOGE hovers around the $0.30 level, traders are keeping a close eye on whether the price will continue its rally or encounter resistance at key support levels before another upward move.

The recent price action shows a steady decline from its local highs near $0.45, suggesting a pullback to support levels around $0.26 or even $0.22 is possible.

If buyers fail to hold these levels, a worst-case scenario would be a break below, which could invalidate the bullish setup.

However, if DOGE finds support at these levels, it could rebound and continue its uptrend. A decisive close above $0.35 would signal renewed bullish momentum.

Grayscale's filing for a Dogecoin ETF has sparked optimism among investors, with some speculating on DOGE's potential to rally to $1 or even $3.80.

Could this be a realistic scenario? Let's examine the technical and market factors that may influence DOGE's future trajectory.

A glance at DOGE's long-term price chart reveals a series of peaks and troughs, forming a distinct "Cup & Handle" pattern. This formation is typically bullish and suggests an extended uptrend.

According to crypto analyst Daniel Ramsay, a recent breakout from this pattern on the monthly chart is a positive sign.

Moreover, the presence of the "Three White Soldiers" candlestick pattern further strengthens the bullish case, indicating three consecutive days of gains.

After a key zone breakout, a short-term retest is common, but the overall outlook remains bullish.

As DOGE hovers around the $0.30 level, traders are keeping a close eye on whether the price will continue its rally or encounter resistance at key support levels before another upward move.

The recent price action shows a steady decline from its local highs near $0.45, suggesting a pullback to support levels around $0.26 or even $0.22 is possible.

If buyers fail to hold these levels, a worst-case scenario would be a break below, which could invalidate the bullish setup.

However, if DOGE finds support at these levels, it could rebound and continue its uptrend. A decisive close above $0.35 would signal renewed bullish momentum.

Grayscale's recent filing for a Dogecoin ETF has ignited optimism among investors, with some speculating that this could propel DOGE to levels as high as $1 or even $3.80.

While these targets may seem ambitious, they could be attainable if the ETF generates significant interest and drives capital into the DOGE market.

Historically, the approval of crypto ETFs has often coincided with substantial market movements.

For example, the launch of the first Bitcoin ETF in January 2024 attracted over $39 billion in investments, contributing to Bitcoin's price surge to new highs.

Similarly, the introduction of Ethereum ETFs also correlated with notable price increases for ETH.