Amid the bearish pressure in the crypto market, Dogecoin witnessed a staggering 528% increase in active addresses, soaring from below 75K to over 400K. This positive momentum indicates a robust network activity and growing investor interest.
Industrial experts are pointing to 21Shares’ filing for a spot Dogecoin ETF, receiving acknowledgement from the SEC as a major proponent behind this growth. With this bullish Dogecoin news, crypto observers are monitoring the DOGE price closely for a shift in sentiment.
DOGE price stuck at pivotal price points amid EFT boost
The recent DOGE ETF filing, which aims to track DOGE’s price, aligns with similar efforts by Bitwise and Grayscale. This move hints at potential mainstream adoption for DOGE even as a meme coin. While this Dogecoin news fueled market optimism, leading to a rise in the memecoin’s network activity, its price is on a different timeline.
Prominent analyst Ali Martinez suggested that the Dogecoin price is locked into two price zones that could define its next price movement. According to the chart expert, the meme coin firstborn is trading between a major supply zone at $0.36 and a strong base at $0.21.
Source: Ali Martinez on X
DOGE’s on-chain data backs Ali’s claim. This metric shows that $0.36 is where large buy orders entered the market – nearly 5.7 billion DOGE were last moved at that price. If this zone is tested again, it will likely trigger serious selling pressure. This is because it currently serves as a resistance and profit zone for smart money.
Meanwhile, Glassnode recently highlighted that the DOGE Futures Open Interest surged by almost 64% in the past week, going well above $1.6 billion. This means that the amount of open short and long positions has skyrocketed, which comes at a time when DOGE’s rally cooled off.
Is the Dogecoin price preparing a monumental surge?
Despite the Dogecoin news of its recent 21Shares ETF filing, DOGE appears to be experiencing a pullback, trading at $0.22. At the moment, for DOGE to reach the first major resistance outlined by Martinez, it would have to outperform its previous 40% weekly surge.
Source: Crypto Basic on X
Regardless, analyst Chris on Crypto Basic predicts that Dogecoin has a strong chance of hitting $1 by September 23. His analysis was based on DOGE’s recent breakout above a long-term downtrend and a bullish flip in the Ichimoku Cloud.
Another Dogecoin proponent, Kriss Pax, spotted an inverse head-and-shoulders pattern on the daily chart, suggesting a potential surge to $0.42.
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Conclusion
Even with the bullish Dogecoin news and ETF boost, the DOGE price is now standing on a slim rope. Consequently, Dogecoin bulls will be looking for a clean breakout past $0.36. If DOGE manages to flip that, it is the strongest upside signal. But if support cracks below $0.21, it opens the door for massive liquidation as the Dogecoin price returns to its previous range at $0.16.
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