Dogecoin (DOGE) remains strong despite market-wide losses. The popular memecoin is holding above $0.25, showing resilience while other cryptocurrencies struggle. Institutional interest and growing ETF speculation are fueling DOGE’s stability. Could this be the start of a new rally?
DOGE Stands Firm as Memecoins Tumble
The crypto market saw a sharp decline ahead of the U.S. Consumer Price Index (CPI) data release. Inflation concerns have weighed on risky assets, pushing many cryptocurrencies lower.
Memecoins like PEPE and Official TRUMP are suffering, with both nearing double-digit losses. PEPE is down 7%, and TRUMP has dropped 6%. Shiba Inu (SHIB) has also slipped, losing 2.7% in 24 hours. Despite the bearish sentiment, Dogecoin is holding steady at $0.25. This shows strong investor confidence even in uncertain times.
ETF Speculation Keeps DOGE Afloat
A Bloomberg analyst hinted that a Dogecoin ETF is “likely” to be approved. This speculation gained momentum after Blockworks’ Jason Yanowitz shared a list of potential crypto ETFs. DOGE and Litecoin (LTC) were among the assets listed as likely candidates.
If the SEC classifies Dogecoin as a commodity, approval for a DOGE ETF could come sooner rather than later. This optimism has helped DOGE outperform other memecoins over the past few days.
Long-Term Holders Refuse to Sell
On-chain data supports DOGE’s strength. The Santiment Age Consumed metric, which tracks long-term holder activity, has remained flat at 19 billion. This marks a 90% drop from the February 3 peak of 798.9 billion DOGE. A decline in this metric means fewer long-term holders are selling their tokens.
Investors appear to be holding onto their DOGE in anticipation of an ETF approval. This trend is preventing a sharper decline and could set the stage for a future breakout.
Technical Analysis: A Breakout on the Horizon?
DOGE is showing early signs of a potential rebound. The Bollinger Bands are tightening, indicating a volatility breakout is near. If buyers regain control, the next key resistance is at $0.29. A break above this level could push DOGE toward $0.30.
The MACD histogram remains negative but is showing reduced bearish momentum. A bullish crossover could trigger more upside movement. However, if DOGE loses the $0.25 support, the next key level to watch is $0.203.
Final Thoughts
Dogecoin’s ability to hold above $0.25 amid market turbulence is impressive. Strong institutional interest, ETF speculation, and long-term holder confidence are supporting its price. If ETF rumors continue to grow, DOGE could see a renewed rally.
For now, all eyes are on the $0.25 support level. A successful defense could lead to an early breakout, while a drop below might invite more selling. The next few days will be crucial for DOGE’s price action.
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