Dogecoin (DOGE) Shows Signs of Bullish Momentum as It Rebounds

Dogecoin (DOGE) has shown signs of bullish momentum as it rebounds from a critical support level of $0.143, forming a lower wick at $0.14297 on its daily chart.

Dogecoin (CRYPTO: DOGE) has shown signs of bullish momentum as it’s currently rebounding from a critical support level at $0.143, forming a lower wick at $0.14297 on its daily chart. The latest price action suggests possible accumulation at this level.

However, for DOGE to establish a more stable upward trend, it needs to break through the $0.175 resistance. Despite this, the outlook remains uncertain, as the ongoing delay by the U.S. Securities and Exchange Commission (SEC) on approving an ETF proposal for DOGE could affect its trajectory.

Key Levels To Watch

The $0.143 support level has proven to be crucial in the recent price action. Dogecoin’s daily candle closed above this level, marking a potential reversal from its previous downward movement.

If the coin can maintain its position above $0.143, it could signal accumulation, setting the stage for a potential rally. However, despite the rebound, recent red candles show that DOGE still faces downside pressure, suggesting that the coin may test lower support levels before a more significant price reversal.

In terms of key resistance, DOGE needs to reclaim the $0.17542 level to confirm a more stable upward trend. If it fails to hold the $0.143 support, further downside testing could push the price down to $0.134.

However, should it manage to hold the support and rise above $0.168, it may gain momentum and target the next resistance level at $0.175.

Key Liquidation Areas And Market Dynamics

The strongest liquidation area for Dogecoin lies between the $0.16 and $0.17 range. This price zone could attract additional liquidity, which may fuel a short-term move toward these levels.

A spike in buying activity could drive the price to these liquidations, causing stop hunts and triggering volatile price swings. However, any failure to push beyond $0.17 could lead to a sell-off and create further liquidity pools around the $0.155 region, which could act as a bear trap.

On the other hand, if Dogecoin establishes higher lows and increased trading volume, it would signal growing strength in the market, potentially leading to a more significant rally.

If new liquidity pools form below $0.16, Dogecoin may attempt to break through this level before challenging the $0.17 resistance again.

SECs ETF Delay: A Crucial Factor In Dogecoin’s Short-Term Price Action

A crucial factor in Dogecoin’s short-term price action is the SEC’s delayed decision on the approval of an ETF for DOGE. While the decision was expected sooner, the SEC has pushed the deadline to April 4, 2025.

ETF approvals have historically been a bullish catalyst for crypto assets, and analysts remain optimistic about DOGE’s prospects.

Bloomberg ETF analyst James Seyffart recently pointed out that the delay is likely to result in mixed reactions. However, Polymarket assigns a 75% probability to the approval of the Dogecoin ETF.

Should the SEC approve the ETF, it could provide a significant boost to DOGE’s price, potentially driving it toward $1 or higher, as institutional demand and broader market acceptance would likely follow.

However, the uncertainty surrounding the SEC’s decision leaves room for volatility. If the ETF is rejected or further delayed, DOGE could experience additional downward pressure.

Currently, Dogecoin is testing support at $0.14, and any further delay or negative news regarding the ETF could exacerbate volatility, potentially leading to a dip in price.