DOGE Price Spikes as SEC Acknowledges ETF Filings Fueling Investor Optimism

• The SEC’s acknowledgment of Grayscale’s DOGE ETF filing fuels bullish sentiment.
• Polymarket traders assign a 22% probability of DOGE reaching a new ATH by June 2025.

Dogecoin surged 3% on Friday and made history by breaking past $0.28 for the first time in 10 days. The rally followed the SEC’s acknowledgment of Grayscale’s ETF filings for XRP and DOGE. This marks a shift from the regulator’s usual dismissals of altcoin ETFs, hinting at a potential change in stance.

Bloomberg Intelligence analyst Eric Balchunas noted, “Previously, these filings were withdrawn immediately. The fact that they remain on the table slightly improves our odds of approval.”

This has fueled optimism, drawing comparisons to Bitcoin’s ETF trajectory, which triggered a significant price surge.

Institutional Interest and Market Sentiment Strengthen DOGE’s Position

Beyond Dogecoin ETF speculation, institutional interest in Dogecoin is rising. Open interest in DOGE derivatives fell by $60 million in the last 48 hours, signaling short capitulation. When short sellers close positions, it often clears the path for further price gains.

Crypto prediction platform Polymarket now gives Dogecoin a 22% chance of surpassing its all-time high of $0.73 by June 2025. This reflects growing confidence in DOGE’s long-term potential.

Further, crypto Analysts note that Dogecoin ETF approval could send it to $15 an unexpected all-time high.  

On-chain data also shows increased accumulation by large holders. Addresses with at least 1,000 DOGE now control 147.58 billion tokens, up from 147.07 billion at the start of the year.  Whales recently purchased another $490 million worth of Dogecoin.  This steady buying by whales signals belief in future gains.

Technical Analysis: Key Levels to Watch

DOGE’s bullish momentum remains strong, with resistance at $0.30 and $0.35. Over the past week, DOGE climbed 15.88%, rebounding from $0.24 and testing resistance at $0.2832. The Bollinger Bands show DOGE reclaiming its Hull Moving Average (HMA) at $0.2745, suggesting a trend shift.

If DOGE stays above $0.2750 (mid-Bollinger Band), the next target is a breakout above $0.32. Further gains could push prices toward $0.35 and $0.50. A drop below $0.27 might trigger a pullback to $0.2183, with a break under $0.21 invalidating the bullish outlook.

The Relative Strength Index (RSI) stands at 45., showing neutral momentum but a potential climb. If RSI breaks above 50 with increasing volume, further upside is likely.

If momentum holds, DOGE could test $0.50 before mid-2025. However, traders should monitor support levels and retracements. With institutional interest growing and regulatory sentiment shifting, Dogecoin’s outlook remains promising.

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