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The Dogecoin price jumped 2% in the last 24 hours to trade at $0.1799 as of 4:34 a.m. EST, with trading volumes surging 19% to $1.1 billion.
This rise in the DOGE price comes as Santiment noted that the meme coin’s social dominance is spiking, fueled by some firms submitting official paperwork to launch Dogecoin Spot ETFs (exchange-traded funds), including 21Shares and Bitwise.
The filings indicate growing interest from institutional investors, hanging on the idea that ETFs offer a regulated, simpler way to gain exposure to cryptocurrencies like Dogecoin.
However, the SEC chose to delay decisions on the filings to mid-June.
What does this mean for the Dogecoin price?
Dogecoin Price Bearish – Incoming Reversal?
The daily chart for the DOGE price is currently showcasing a falling wedge pattern, which is typically considered a bullish reversal formation.
What makes this setup especially interesting is the recent Dogecoin price behavior near the upper resistance of the wedge.
DOGE attempted a breakout, but so far has faced rejection — this pullback is not unusual and could precede another retest. The narrowing of the wedge also suggests that a decisive move is likely approaching.
Meanwhile, the 50-day Simple Moving Average (SMA) at $0.1691 is providing near-term dynamic support, while the 200-day SMA remains well above at $0.2635.
The positioning of the price of DOGE below the 200-day SMA signals that the long-term trend is still bearish, as GeckoTerminal data shows.
Moreover, the Relative Strength Index (RSI) is at 56.92, which is neutral but slightly on the bullish side. This is consistent with the coiling action of the price of Dogecoin within the wedge, showing that buying pressure is gradually building without reaching overbought territory.
The Moving Average Convergence Divergence (MACD) is marginally bullish, with the blue MACD line above the orange signal line and both in positive territory.
DOGE Price Prediction
The presence of a falling wedge pattern implies a likely bullish breakout, especially as the wedge nears its apex.
If the DOGE price breaks convincingly above the upper trendline ($0.19), the next major resistance lies around the 200-day SMA at $0.2635. A breakout could trigger a measured move toward $0.25–$0.28, aligning with historical price reaction zones.
Conversely, failure to hold the 50-day SMA ($0.1691) could invalidate the wedge, leading to a retest of the lower support zone around $0.14–$0.15.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Closes On $33 Million – Next Big Crypto?
Solaxy, a new crypto project in its presale phase, is positioning itself to save and upgrade the Solana ecosystem amid congestion issues.
The project aims to address those issues by implementing off-chain processing mechanisms similar to Ethereum’s layer-2 solutions. Platforms like Arbitrum and Optimism have already proven this model successful.
By processing transactions off of Solana’s main chain, bundling them together, and submitting them to the mainnet for final verification, Solaxy’s system enhances efficiency.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Investors are flocking to back the idea, pouring over $32.7 million into its blockbuster presale.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising Solana’s layer-1 capabilities.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001712 each using BNB, ETH, USDT, or a bank card.
Solaxy also offers holders who stake SOLX a huge annual yield of 123%.
Interested investors will want to buy SOLX before the next presale price hike in around 31 hours.
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Best Wallet - Diversify Your Crypto Portfolio
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