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An analysis suggests that the launch of the Dogecoin spot ETF in the US market would trigger a price recovery, potentially leading to new heights.
Notably, this Dogecoin price prediction comes from Crypto Rand, a widely followed market commentator and investor. He foresees a price recovery for the dog-themed, light-hearted meme coin, citing ETF hype and bullish technical developments as catalysts.
Dogecoin Eyes Breakout
Notably, Rand shared a chart showing that DOGE has been trading below a descending trendline on the 3-day timeframe since October 7’s high of $0.268. However, recent momentum suggests the price suppression could be nearing its end.
After a lower price rejection on November 21, the meme coin has shown signs of life, rallying 13% from $0.132 to the current trading level of $0.150. Notably, this aligns closely with the tip of the resistance trendline, suggesting a breakout is on the horizon.
The chart highlights subsequent supply zones where DOGE would reach upon breakout. Specifically, this includes $0.170, $0.271, and December 2024’s high of $0.484, representing a 13%, 80%, and 222% growth, respectively.
Meanwhile, such outbursts have occurred before, leading to a surge in Dogecoin’s price. One happened when DOGE broke out from a similar descending trendline, which formed from May’s high of $0.245. The token defied the resistance in late June, rallying 90% from $0.151 to a high of $0.288 in July.
From Joke Coin to Wall Street
Rand identified the newly launched Grayscale Dogecoin ETF as a potential driver of the rebound. Notably, the product went live yesterday, paving the path for institutions to easily gain exposure to the meme coin.
The product launched on the NYSE Arca under the ticker GDOG on Monday. However, it failed to impress as several analysts expected. On its first day, it recorded zero net inflows with a trading volume of $1.41 million, far below the $12 million projection from Bloomberg ETF analyst Eric Balchunas.
Nonetheless, its launch alone is symbolic for Dogecoin, which, according to Rand, moved from a joke coin to Wall Street adoption. NovaDius Wealth president Nate Geraci also shares a similar sentiment, predicting that the ETF will already be a top 10 ticker symbol.
More Dogecoin ETF Launch Imminent
Meanwhile, prominent asset manager Bitwise has also revealed that its Dogecoin ETF is nearing its market debut. The firm confirmed in a recent tweet that the Bitwise Dogecoin ETF is “coming soon.”
Notably, analysts expect the investment vehicle to launch on November 26, which aligns with the delay amendment launch date. For perspective, Bitwise filed an amended S-1 filing with the US SEC on November 6, with a 20-day automatic approval window.
This means that the Bitwise DOGE ETF would launch on the NYSE Arca tomorrow if the US SEC does not intervene.