With the first DOGE ETF set to begin trading on Thursday, market sentiment around Dogecoin (CRYPTO: DOGE) is expected to turn bullish.
What Happened: In an X post on Sep. 15, Defi Edward highlighted that Dogecoin reported a significant surge in comparison to the broader market over the past week.
Technicals suggest the rally may extend further. The breakout from a multi-month symmetrical triangle, backed by tripled trading volumes, points toward upside targets of $0.45 in the near term and $0.60 on a measured move basis.
The key support lies at the 50-week EMA around $0.227, with a drop below risking a retest of the 200-week EMA near $0.215.
With the RSI still below overheated levels and the MVRV Z-Score at just 1.35, historically a launch point for rallies, conditions resemble last November's 230% surge.
If support holds, DOGE appears well-positioned for a continued run, leaving open the question of whether this momentum can fuel another full cycle.
Also Read: Millionaire Trader Is Up $500,000 On Dogecoin Long, Expects ‘Monster Rally’ To $1 Still To Come
Why It Matters: Altcoin Sherpa explained that DOGE is a momentum and liquidity-driven beta play: if Bitcoin (CRYPTO: BTC) rips higher, large-cap meme coins like Dogecoin tend to see amplified upside.
He cautioned, however, that losing key support could quickly flip the bullish setup.
He added that buying here is essentially a leveraged bet on bullish BTC price action, with the caveat that losing support levels could flip the setup quickly.
Adding fuel, the first U.S.-listed Dogecoin spot ETF, the REX-Osprey DOGE ETF (DOJE), launches tomorrow, potentially boosting institutional and retail interest.
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