Today’s Dogecoin price forecast indicates that the famous meme is gearing up for a big launch at the end of the year, as Bitwise – one of the largest US asset management companies – has submitted a Form 8(a) application to launch the first spot trading fund for Dogecoin on an exchange (Dogecoin Spot ETF).
If approved in early November, this could represent a powerful catalyst that would allow Dogecoin to multiply its current value by up to 8 times and reach $1.2 by the beginning of 2026, and repeat its strong start in 2021 when the price of Dogecoin increased more than 350 times, from $0.05 in February 2021 to $0.73 after 3 months.
Bitwise fund approval could push Dogecoin price to $1.20
The current technical situation resembles the structure at the beginning of 2021, when the price of Dogecoin exploded, doubling its value by 350, from $0.05 in February to $0.73 in 3 months. Eric Balchunas, an exchange-traded fund (ETF) analyst at Bloomberg, said Bitwise recently moved forward with a request on Form S-1 to remove “causes for deferral.”
So, the company amended the application and filed it on Form 8(a) under the rules of the US Securities and Exchange Act, which allows the ETF to automatically become effective 20 days from the time of filing if the US Securities and Exchange Commission (SEC) takes no action to stop it. If the SEC does not object, the Dogecoin spot ETF could launch by November 26, 2025. Similarly, Grayscale has submitted a similar application to launch its own countdown, and if approved, Dogecoin will be one of the first altcoins to have its own spot trading fund listed on US exchanges, providing individual and institutional investors with exposure to the currency under regulatory oversight. Market analyst BitGuru revealed that following the announcement of the changed demand, Dogecoin price ended its prolonged wave of relative stability and reversed its downward trajectory with a strong upward rebound.
The price of the coin would currently be stable below the critical resistance barrier of $0.186, and crossing it would restructure the upward trajectory in conjunction with whales (major investors) continuing to accumulate currency balances in large quantities, as 11.12 billion Dogecoins were purchased near the $0.20 level according to Glassnode data, making it a major resistance barrier.
Dogecoin Price Forecast: Elliott Wave Analysis Indicates $1.20 Level Targeted
Technically, applying Elliott Wave analysis to the weekly price movements of Dogecoin, it is clear that the price of the DOGE/USD pair is on a long-term upward trajectory, as the current structure indicates that the price has completed the major payment waves from the first to the fourth, with the market currently preparing for the fifth wave, which represents a potential final stage of launch.
Furthermore, the “fourth corrective wave low” around $0.18 represents important support; The above stability will confirm the validity of the upward trend.
The chart indicates that the price may resume its movement towards the next target near $1.20 after a period of relative stability or a slight correction, and as long as the price remains above $0.18, the trend of least resistance remains the upward path, which portends the possibility of a strong start to the end of the year.
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Post Dogecoin-DOGE Price Prediction: Demand Bitwise ETF hints at the possible launch of its exchange-traded fund in November. Will its price surpass the $1.20 level? appeared first on Cryptonews Arabic.
