Dogecoin (DOGE) is showing strong signs of a bullish reversal, rising to an intraday high of $0.1680 on Monday—up 27% from monthly lows. The move has been accompanied by surging trading volumes, increased optimism around a potential Dogecoin ETF, and a broader rally in meme coins and Bitcoin.
Technical Setup Points to Continued Gains
According to market analysts, Dogecoin has formed at least three distinct bullish chart patterns, which historically signal the potential for upward continuation. The current rally is also backed by momentum across the crypto sector, with Bitcoin trading above $84,000 and meme coins like Fartcoin and Dogwifhat also posting double-digit gains.
Dogecoin’s 24-hour trading volume rose by 5% to nearly $1 billion, indicating rising market interest and heightened participation from traders and investors.
DOGE ETF Optimism Builds
Fueling some of the optimism is speculation around a potential Dogecoin exchange-traded fund (ETF). On platforms like Polymarket, the odds of such an ETF being approved this year have jumped to 64%, reflecting growing institutional and retail demand for more accessible DOGE investment products.
While no official filing has been submitted yet, the speculation alone has historically helped drive Dogecoin’s price, especially when aligned with broader bullish sentiment.
Market Correlation and Broader Risk Appetite
Dogecoin continues to exhibit high correlation with Bitcoin and the stock market, particularly during risk-on phases. As futures tied to the Dow Jones and Nasdaq 100 surged over 400 points, DOGE benefited from the broader boost in sentiment and equity-linked crypto enthusiasm.
Analysts are watching key resistance levels near $0.175 and $0.195, which could determine whether the meme coin enters a new medium-term uptrend or faces a retracement.
