- Dogecoin breaks long-term trendline, signaling renewed bullish momentum.
- ETF approval odds fall as meme coins face regulatory scrutiny.
Dogecoin ($DOGE) is showing renewed bullish strength after breaking a key descending trendline on the weekly chart. Crypto analyst Sheldon The Sniper reported that Dogecoin has decisively broken above a long-term descending trendline.
This line had capped upward moves since DOGE’s late 2024 highs. As of now, DOGE is trading around $0.179, with bullish weekly candles forming above the former resistance.
Traders view this breakout as a key technical confirmation of a sentiment shift. The move marks an end to several months of range-bound trading and failed breakout attempts.
Historical data suggests that similar breakouts often precede multi-week rallies, potentially opening the path toward the $0.25–$0.35 zone.
ETF Sentiment Cools After Trump’s Crypto Stance
Despite bullish price action, Dogecoin ETF optimism has slightly cooled. Data from prediction market Polymarket shows approval odds for a DOGE ETF by 2025 have declined to 75%, down from 81% earlier in the week.
The drop follows former President Donald Trump’s announcement of a crypto ETF that excludes meme coins like DOGE. Analysts attribute the exclusion to meme coins’ high volatility, which may concern regulators.
Although approval odds are still up 40% year-to-date, the exclusion casts doubt on DOGE’s near-term ETF prospects. Regulatory uncertainty remains a key hurdle, despite rising demand for broader crypto-based investment products.
$0.21 Resistance Holds as Bulls Target $0.24
DOGE recently broke through the $0.1735 Fibonacci level, hitting intraday highs above $0.21 before pulling back to $0.2007. Charts show a red supply block at $0.21, signaling increased seller activity at that level. While this zone poses resistance, rising volume suggests buyers remain in control for now.
The Relative Strength Index (RSI) is around 66, nearing overbought territory but still leaving room for another push. If DOGE breaks above $0.21, the next resistance sits near the 61.8% Fibonacci level at $0.2399. Should price retrace, support remains at the $0.1735 level, acting as a pivot for short-term trend confirmation.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
