DOGE News: Cup-and-Handle Pattern Forms as Bitwise Files for DOGE ETF

Dogecoin Forms Cup-and-Handle Pattern, Bitwise Files for DOGE ETF

Dogecoin [DOGE] is forming a classic cup-and-handle pattern, a bullish continuation formation often seen before a potential breakout. The pattern follows a prolonged downtrend from its all-time high in May 2021. A breakout above the descending trendline in early 2024 saw Dogecoin climb to $0.2408 before pulling back to $0.1934. Resistance levels are at $0.50, $0.75, and $1.00. Additionally, Bitwise has filed for a Dogecoin ETF, sparking speculation about institutional interest and a potential price surge.

Dogecoin ETF Inches Closer with Bitwise Filing

Bitwise has submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) for a Dogecoin [DOGE] exchange-traded fund (ETF). If approved, Coinbase Custody will serve as the custodian, with BNY Mellon overseeing cash management, administration, and record-keeping. The filing follows Bitwise’s earlier S-1 submission, signaling growing institutional interest in Dogecoin and its potential entry into the regulated investment landscape. However, despite the ETF approval chances climbing to 66%, DOGE’s price fell by 11.69%.

Dogecoin (DOGE) Attempts Rebound—Will Recovery Gain Momentum?

Dogecoin (DOGE) started a fresh decline below the $0.2150 zone against the US Dollar. The cryptocurrency tested $0.1820 and is now consolidating below the $0.2150 resistance. The price is trading below the $0.2100 level and the 100-hourly simple moving average. However, there was a break above a connecting bearish trend line with resistance at $0.1900 on the hourly chart. A recovery could start if Doge clears the $0.2050 and $0.2120 resistance levels.