- Grayscale moves to turn Dogecoin Trust into a U.S. spot ETF, boosting investor sentiment.
- Dogecoin shows buy signals on charts despite a 9.8% weekly price decline in the market.
- SEC approval for a Dogecoin ETF could come by October, sparking hopes for a major rally.
Dogecoin is back in the sights of investors, with more recent developments around a potential exchange-traded fund. Grayscale has filed to convert its Dogecoin Trust into a spot ETF, shining the spotlight on the meme-inspired cryptocurrency. The filing arrives as DOGE faces down losing price action, though market analysts think it could catalyze a bottom in the near future.
Over the last seven days, the cryptocurrency has lost 9.8%. In the last 24 hours, DOGE down by 3.59% and is currently trading at $0.265. The daily trading volume dropped 30 percent to $2.6 billion, in a sign that activity was slowing. Yet even as the weakness persists, some technical analysts claim that DOGE is showing early signals of recovering.
Source: CoinMarketCap
Analyst Ali noted that the 4-hour time frame has a buy signal from the TD Sequential indicator. This often indicates price turning points. The existing mess could create the opening for a short-term rally, if enough buyers come around, Ali said.
Source: X
DOGE Eyes $0.38 on Triangle Breakout
Another analyst Trader Tardigrade pointed out a second descending triangle appearing on the chart. The pattern consists of a horizontal support and a downward resistance. Following the breakout from the descending pattern, DOGE price could potentially rally toward $0.38.
Source: X
The key test for Dogecoin on the weekly chart is with the Ichimoku cloud which is historically a strong trend signal. ” The last time the cloud was breached from above resulted in a massive uptrend,”analyst Cantonese Cat noted. Similar action could play out again, market watchers say, sending DOGE higher if upward momentum returns.
Also Read: Dogecoin Eyes Potential Rally With Key Target Near $0.30 Resistance
Regulatory momentum has meanwhile fueled the discussion. Grayscale has amended their S-1 registration with the U.S. Securities and Exchange Commission (SEC). The company hopes to convert its Dogecoin Trust into a spot ETF that would trade on NYSE Arca under the ticker GDOG if approved.
Regulatory Moves Put DOGE Back in Focus
The move underscores Grayscale’s play to extend crypto access via regulated funds. The NYSE Arca has already filed an application to list the Grayscale Dogecoin Trust. The new filing advances the proposal forward for potential approval, buoying investor sentiment around the token.
Meanwhile, investor sentiment has been boosted by the launch of the Rex-Osprey DOGE ETF (ticker: DOJE). That product has raised anticipation that the SEC will greenlight a spot ETF. Citing the fund, experts say that approval could come as soon as October and would be a game changer for Dogecoin.
The news comes amid a wider pullback in the crypto market. Bitcoin and Ethereum under pressure but DOGE attention returning. Traders are weighing a cautious attitude against hope that technical gauges and news about regulation might alter momentum.
A Dogecoin listing on a U.S. spot ETF would be a major boost for the coin and the broader market. With the signals on the charts supporting regulatory efforts, investors are waiting to see whether DOGE can mount a comeback. The meme coin may assert its resiliency yet again as the demand for regulated crypto investment products accelerates.
Also Read: Dogecoin ETF Taps $6 Million on Debut: How High Can the Price Climb?
