Could Dogecoin Price Break the $1 Barrier with REX’s ETF Filing?

DOGE, the leading dog-themed meme cryptocurrency, is experiencing highlighted volatility this week amid Donald Trump’s inauguration and ETF hype. This current consolidation maintains above $0.35 Dogecoin price and strengthens the formation of a bullish continuation pattern called ‘Pennant’.

According to CoinGecko, the DOGE’s market capitalization currently wavers at $55.6 Billion and the 24-hour trading volume at $10.8 Billion.

Key Highlights:

• The REX Foundation’s proposed ETFs feature major cryptocurrencies, including BTC, ETH, XRP, SOL, and DOGE).
• The Dogecoin price is 9% short from a bullish breakout of the pennant pattern.
• DOGE’s current recovery trend could witness a surge in selling pressure at $0.48.

Dogecoin Volatility Meets Opportunity Through ETF Launch

Bloomberg’s Senior ETF Analyst, Eric Balchunas, recently highlighted in a tweet that the REX Foundation has filed with the U.S. Securities and Exchange Commission (SEC) to launch a series of cryptocurrency-focused exchange-traded funds (ETFs). These proposed ETFs are linked to several major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE), along with lesser-known tokens such as BONK and the controversial TRUMP token.

Named “REX-Osprey ETFs,” the filing outlines plans for seven individual funds, each dedicated to a specific cryptocurrency. The introduction of ETFs provides a secure and regulated pathway for institutional and retail investors to gain exposure to the crypto market without holding the underlying assets.

Dogecoin, known for its pronounced volatility, suggests that a potential ETF approval could trigger a significant price surge.

Dogecoin Price Nearing a Major Breakout

Over the past two months, the Dogecoin price has traded sideways, resonating within the formation of a pennant pattern. The altcoin bounced twice from each trendline, indicating the pattern’s reliability and potential influence on future prices.

Theoretically, the chart setup should offer a temporary pullback for buyers to recuperate the exhausted bullish momentum. Furthermore, events like ETF approval could accelerate the market buying pressure and trigger an upside breakout from pennant formation.

DOGE/USDT -1d Chart

The post-breakout rally could drive the asset past $0.66, followed by $1.

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