🌎 Dogecoin Price Struggles Amid ETF Approval Hopes

Dogecoin Price Stuck in Bear Market, ETF Approval Hopes Remain

Dogecoin’s price has been struggling in a bear market, crashing by over 47% from its highest level in December. As of Thursday, the Dogecoin token was trading at $0.255, with the recovery after last week’s crash easing.

ETF Approval Odds Rise, Boosting Investor Confidence

Many crypto investors believe that the Securities and Exchange Commission (SEC) will approve a spot Dogecoin ETF later this year. According to recent data, the odds of a spot Dogecoin ETF have risen to 62% from a low of 27% in January. Companies like Rex Osprey and Bitwise have filed for a Dogecoin ETF, with several others potentially following suit.

Market Predictions and Price Movements

Meanwhile, traders believe that the Donald Trump administration will not approve a Strategic Dogecoin Reserve this year, with the odds stuck at 10%. Additionally, the odds of the Dogecoin price hitting $1 have dropped substantially as the coin has declined. Data shows that the odds of the Dogecoin price reaching $1 by June 1 have dropped to 5%, while the odds of this happening by January 2026 have moved from over 60% in November last year to 19%.

For Dogecoin to reach $1, it would need to jump by 400% from its current price of $0.2. However, higher hopes of a spot ETF approval and potential inflows may be a catalyst for the coin to surge.

Dogecoin Price Technical Analysis

The daily chart shows that the DOGE price remains under pressure after falling by over 47% from its highest level in December. It remains below the 50% Fibonacci Retracement point at $0.2825. Dogecoin is also about to form a death cross pattern as the spread between the 50-day and 200-day Exponential Moving Averages narrow. A death cross often leads to more downside as it signals that bears have prevailed.

Dogecoin has also formed a break and retest pattern by moving back to $0.2622, its lowest swing in December. A break and retest is also a bearish continuation sign. Additionally, it is forming a bearish flag chart pattern. Therefore, there is a risk that the coin will have a strong bearish breakdown, potentially to $0.20, the lowest point this month. A drop below that level risks DOGE falling to $0.15, the 78.6% Fibonacci Retracement level.