- Dogecoin’s cup-and-handle pattern suggested a breakout, with resistance levels at $0.50, $0.75, and $1.00.
- Bitwise files for a Dogecoin ETF, sparking speculation on institutional interest and a potential price surge.
Dogecoin [DOGE] is forming a classic cup-and-handle pattern, a bullish continuation formation often associated with long-term accumulation before a potential breakout.
Meanwhile, the pattern began taking shape following a prolonged downtrend from its all-time high in May 2021, where DOGE experienced a rounded bottom that extended into late 2023.
A breakout above the descending trendline in early 2024 saw Dogecoin climb to $0.2408 before pulling back to $0.1934, a 19.28% decline in the session.
This retracement could represent a retest of the breakout zone, a common occurrence before a continuation rally.
Source: TradingView
If Dogecoin maintains support above $0.18-$0.19, momentum may build toward higher price levels.
Key resistance and price targets for Dogecoin
The current price structure identifies several key resistance levels that could determine Dogecoin’s next move. The first major resistance sits at $0.50, a psychological and technical barrier. If broken, it could confirm a stronger bullish trend.
Beyond $0.50, the next resistance level is at $0.75, aligning with previous support-turned-resistance zones from Dogecoin’s 2021 rally.
The final key target is $1.00, a round-number milestone that could mark a major price discovery phase if DOGE sustains upward momentum.
Analysts are also considering an extended move toward $5.00, though further confirmation is required.
Market indicators and trading volume trends
Dogecoin traded at $0.1935 at the time of publication, with a 24-hour trading volume of $2.71 billion.
The asset has declined 11.59% in the past 24 hours and 5.70% over the past week, with a market capitalization of $28.64 billion.
The Relative Strength Index (RSI) is at 34.74, signaling that DOGE is nearing oversold conditions. This could lead to a rebound if buying pressure increases. Meanwhile, the MACD indicator remains bearish, but the histogram is turning less negative, indicating that selling pressure may be slowing.
Source: TradingView
If DOGE holds above $0.19 and volume increases, a recovery toward $0.21-$0.22 is possible, while a breakdown below $0.18 could extend losses.
Open interest has declined by 15.34% to $1.64 billion, while overall trading volume is down 30.22% to $4.77 billion, reflecting a cooling period in market activity.
However, options volume has surged 37.36%, suggesting increased speculative positioning.
Bitwise moves forward with Dogecoin ETF proposal
Investor speculation around Dogecoin has increased following Bitwise Asset Management’s filing for a Dogecoin exchange-traded fund (ETF).
The NYSE Arca submitted a 19b-4 proposal on the 3rd of March, seeking approval to list and trade shares of the ETF.
The Bitwise Dogecoin ETF is structured as a Delaware statutory trust, allowing investors to gain exposure to DOGE without directly purchasing the asset. The proposal could bring additional institutional interest, with some analysts questioning,
“Could this ETF fuel the next Dogecoin rally?”
If momentum continues, DOGE may enter a price discovery phase, with $5.00 as a long-term target.
