Dogecoin has surged 7% in the past 24 hours, with trading volume jumping over 160%, as bulls push for a breakout from a long-standing symmetrical triangle. This pattern is defined by a descending upper trendline and an ascending lower trendline.
Yesterday’s 5% gain hinted at a possible resolution of the consolidation within the triangle, and today’s candle is testing a critical breakout, currently trading above the upper trendline. A daily close above roughly $0.23 would confirm the breakout.
The triangle’s height is about $0.10, which, projected from the breakout point (~$0.23), sets a technical target near $0.33, assuming a clean breakout. On the flip side, if Dogecoin falls below $0.22 and closes back inside the triangle, it could signal a false breakout, potentially pulling the price back toward $0.20.
What’s fueling Dogecoin’s rally?
Beyond the technical breakout, fundamental factors are also playing a role — chiefly, rising speculation over the potential launch of a Dogecoin ETF.
Last week, it was revealed that REX Shares, the company behind the first Solana staking ETF, has partnered with Osprey Funds to file for the REX-Osprey™ DOGE ETF, which could launch as early as this week.
Unlike many other pending crypto ETFs, REX is pursuing a less common regulatory route under the Investment Company Act of 1940 (the “40 Act”), allowing it to sidestep traditional SEC hurdles, including the lengthy 19b-4 process.
