Key Takeaways
A Bloomberg expert reveals that REX Shares may launch a Dogecoin ETF next week. Amid this speculation, experts eye $0.30, $1, and even $5 for DOGE.
With an impressive recovery, Dogecoin [DOGE] continues to follow its bullish trajectory. However, whale activity over the past 48 hours raises concerns about whether this bullish outlook will remain intact.
Whales offload 200 million DOGE
A prominent crypto expert shared on-chain data showing that Dogecoin whales holding 10 million to 100 million DOGE have sold off 200 million coins over the past 48 hours.
This substantial sell-off amid market uncertainty appears to be a red flag and could hurt sentiment if it continues.
Currently, DOGE’s price is recovering, gaining 0.82% to trade at the $0.216 level. However, participation from traders and investors remains low, causing DOGE’s 24-hour trading volume to plummet by 15%.
DOGE ETF speculation sparks price predictions
Despite low participation, several bold predictions have recently surfaced on X (formerly Twitter).
Some suggest that DOGE could reach $0.30 if the price clears the $0.21 and $0.22 levels, while others seem to be making unrealistic predictions, eyeing $1 and $5 in the coming days.
In the cryptocurrency landscape, anything is achievable, all it needs is a strong catalyst and market momentum, which are already slowly appearing.
Recently, Bloomberg ETF expert Eric Balchunas tweeted that REX Shares may launch a Dogecoin ETF under the 40 Act next week.
He added that Dogecoin looks like the first to launch, but the pros also mentioned Trump, XRP, and Bonk ETFs down the line.
Source: X/EricBalchunas
For now, Dogecoin price has been in a small consolidation zone between $0.208 and $0.223 over the past week. Currently, after touching the lower boundary, the memecoin is heading toward the upper boundary.
The current price action suggests that a major directional move is likely to occur only if DOGE price breaks out of this consolidation zone.
Key levels to watch
According to AMBCrypto’s technical analysis, DOGE could surge 10% to $0.245 if it breaks above the upper boundary of its consolidation zone.
Conversely, a drop below the lower boundary could push the price down 10% toward $0.19.
Source: TradingView
At press, the technical indicator Supertrend is in red and hovering above the DOGE price, which hints at a sustained downtrend and potential bearish pressure.
Whereas, the Relative Strength Index (RSI) remains neutral as it holds a 52.5 value, which suggests a balanced momentum with no clear dominance from bulls or bears.
Here, any move above 60 could trigger bullish strength, while a drop below 45 may trigger selling pressure.
