Dogecoin is gaining traction again, climbing 4.65% amid growing ETF speculation and whale activity. Analysts are closely watching its $0.22 resistance level. On-chain metrics and technical indicators suggest a breakout could trigger a wider altcoin rally. DOGE’s next move may shape the market’s momentum in the weeks ahead.
Dogecoin (DOGE) is currently trading at $0.1801, up 4.65% in the last 24 hours. This increase comes after a volatile week in which DOGE fell 6.8%. Discussions regarding Dogecoin's potential to spark the next altcoin season have been rekindled by the recent price movement.
With growing whale accumulation, ETF speculation, and historical precedence, analysts are questioning whether a DOGE rally could ignite the next altcoin season.
With an ascending triangle pattern, DOGE is testing resistance around $0.18, with a potential breakout above this zone possibly opening a path toward the $0.21 - $0.22 area, where the 200-day EMA stands at $0.215. The 20 and 50-day EMAs turn upward to support the bullish bias, and the support trendline is gradually rising, suggesting ongoing buying interest.
On the other hand, if momentum is lost, the price will eventually decline to support levels close to $0.10.
With the RSI at 56.96, a bullish divergence is apparent alongside rising momentum, and it has yet to enter into overbought territory. A daily close above $0.183 with good volume will confirm the breakout and further accelerate gains, supporting a possible lead for DOGE in the next altcoin season.
According to Intotheblock, about 100 million DOGE have gone into whale wallets during the last week. Such wholesale accumulation could imply a boost in confidence among big holders. The exact number of DOGE wallet addresses with non-zero balances stood at 151,459 last Friday, having climbed 12% across the past week. Lately, this increase suggests retail investors have been coming in.
At the same time, Market Value to Realized Value (MVRV), at 37%, shows that many holders have been at a loss for now, indicating undervaluation that has often signaled impending substantial price recoveries in the past.
The prospect of a Dogecoin ETF has caught attention in the markets lately. The Nasdaq, having filed for listing the 21Shares Dogecoin ETF, is awaiting the recommendation of the SEC, which the latter is expected to give by June 17, 2025.
Analysts have estimated a 64% chance that the ETF would be approved for trading, which would allow DOGE to be introduced to a wider set of institutional investors and thus give its price an unprecedented surge.
Approval for a DOGE ETF would, besides confirming Dogecoin's way into traditional markets, liquify and induce trading activities, thereby setting conditions for heavy price uplifts.
Dogecoin rallies have also in the past led to bigger altcoin market upswings. Analyst Cas Abbé comments that since 2017, major price shifts in DOGE have often indicated the beginning of altcoin seasons. If DOGE breaks past the $0.22 resistance level, it may again be a sign of an altcoin market rally.
Furthermore, according to technical analyst GreenCrypto, DOGE has been exhibiting a long-term ascending wedge pattern since 2023. If this continues, the memecoin could eventually reach a new all-time high of $1.161, which would represent a massive 582% increase from its current value.
DOGE is at a critical juncture where its technical and fundamental indicators are pointing towards a potential market shift. It is unclear if this will result in a full-fledged altcoin season, but the memecoin's performance over the next few days and weeks may serve as a reliable source to determine the mood of the market. Resistance levels, ETF news, and whale movements are all indicators of a potentially explosive change in momentum, so traders should pay special attention to them.