Grayscale just made history by filing an ETF application for Dogecoin, marking the first-ever ETF for a memecoin. And it’s no surprise it’s for Dogecoin (DOGE), one of the oldest in the game.
The SEC recently set a deadline for resolving ETF applications for various coins, including Dogecoin, by October. The excitment around approval is pretty high, especially since Bloomberg analysts have pegged the chances of it happening at 90%.
Traders on Polymarket are also feeling pretty optimistic about the Dogecoin ETF approval, with chances sitting at 68%. If the approval goes through, it would be a major step forward for both Dogecoin and memecoins as a whole.
Doge Price Prediction: Double Bottom For Dogecoin?
The markets got a big boost after Powell hinted that a rate cut might be on the table for September. His Jackson Hole speech quickly reversed the recent crypto and stock market dip, sparking fresh optimism that the Fed might step in to support growth.
Dogecoin (DOGE) price was no exception and saw an immediate 7% bounce in response, possibly forming a double bottom pattern, which is often a prediction of big potential gains.
The RSI is backing up the bullish case, sitting at a neutral 51 level, this leaves room for more upside before looking at pullbacks. The MACD line also looks solid, crossing above the blue line.
If DOGE can break through the previous resistance (the red trendline), it might lead the charge in a new rally for memecoins. The support level stays the same (0.20) and its important level for the price to stay above.
Missed Dogecoin? Maxi Doge is Here To Replace it With 1000x Potential
Maxi Doge might be the biggest winner from Dogecoin’s rise. Their new Dogecoin-inspired memecoin just dropped its presale and it’s already racked up over $1.4M.
Maxi Doge appears to be “gym bro” version of Doge who’s hooked on high-leverage trading. It’s 100% meme vibes, no pretending it’s got some deep use case or anything serious.
Even though it plays it cool on utility, if you look close, Maxi Doge’s got some fun community stuff like staking and user contests, which could keep it relevant for a long time.
They’ve got 40% of the total tokens in the public presale, with no private sales or insider deals, so no need to stress about whales dumping once it hits the big exchanges.
They’re also offering a staking program for MAXI holders, with presale buyers able to snag up to 212% annual yield. Basically, you can lock up your MAXI and start earning rewards before the presale even wraps up.
Early believers might cash in big and end up making the most of it.
Head to the Maxi Doge website to follow smart investors and join the presale. You can make your purchase using ETH, USDT, BNB, or even a credit card.
Click Here to Participate in the Presale
The post Doge Price Prediction: Forming Double Bottom – Saved By Powell? appeared first on Cryptonews.
