After years of speculation, the first Dogecoin Spot ETFs were finally made available, amid positive reactions that pushed the price of Dogecoin to increase by 2.2% following its launch. With the growing interest of Wall Street investors in digital currencies, the positive scenario is strengthening, and with it the promising expectations of the price of Dogecoin.
While Grayscale has gotten a head start by successfully listing its fund ahead of its competitors, and REX-Osprey recently launched a Dogecoin exchange-traded investment product (Dogecoin ETP), Grayscale’s fund launch represents the first investment vehicle tied to Dogecoin spot price movements to launch in US markets.
In addition to this new fund, Bitwise is also set to launch its own currency-related fund on the stock market this week. As the US government shutdown finally ends, it appears a flood of alternative currency-related investment tools is preparing to hit the markets.
Although trading volumes remained slightly above average, buyer interest appears to be increasing, as $1.5 billion in Dogecoin balances were traded in the last 24 hours, equivalent to 7% of the market value of its circulating supply.
Dogecoin price expectations and the possibility of a strong start if the $0.14 support level holds
The daily chart shows Dogecoin price rebounding above the pivotal support level of $0.14, and it appears that it is currently heading towards a retest of the upper border of the falling wedge pattern formed by the recent price action.
For its part, the bullish momentum could accelerate as the Relative Strength Index (RSI) reading has crossed its 14-day moving average line and the $0.18 area appears decisive in determining whether Dogecoin is about to make its next breakthrough.
If the price manages to break through this level, it could retest the upper border of the wedge pattern and push towards $0.20 in the near term, which would then represent a 33% upside.
If it continues to gain momentum, Dogecoin price could continue to rise to $0.28 by the end of the year, almost double its current level. In the long term, growing currency adoption and new developments could pave the way for… Its price should tend towards the $10 mark.
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