Dogecoin Price Prediction: DOGE Soars 7% On REX Shares Dogecoin ETF Launch Optimism

The Dogecoin price has surged 7% in the last 24 hours to trade at $0.2316 as of 3:43 a.m. EST amid rising optimism that the Rex-Osprey DOGE ETF (exchange-traded fund) may launch this week.

Rex Shares and Asprey Funds announced the imminent launch of DOJE, an ETF that will track the performance of the leading meme coin by market capitalization.

“DOJE will be the first ETF to deliver investors exposure to the performance of the iconic memecoin, Dogecoin,” Rex-Osprey posted on X.

DOJE will be the first DOGE ETF, but it is different from the ones the US Securities and Exchange Commission (SEC) approved for BTC and ETH last year, which directly hold the underlying crypto.

This DOGE ETF will be called a 40-Act ETF, and will provide indirect exposure to the underlying token via futures, swaps, or other index-based instruments.

Rex-Osprey said that the fund will invest approximately 80% of its assets in Dogecoin instruments, which may include derivatives such as futures or swaps.

“I think we’re in for a wild next 2 months for crypto ETFs,” said Nate Geraci, President of NovaDius Wealth Management, in reference to the possible launch of the Dogecoin ETF.

Bloomberg ETF analyst Eric Balchunas said last week that the REX Dogecoin ETF may launch as early as this week under the ’40 Act, similar to its recently launched SSK, which is a US-listed ETF that gives investors exposure to Solana (SOL).

Dogecoin Price Bulls Break Out As They Eye Higher Levels

The DOGE price has recently shown strong bullish momentum, breaking out from a consolidation range that had capped the price action between $0.21 and $0.24 for several weeks.

After a period of sideways movement within this range, the Dogecoin price has now successfully pushed above its 50-day Simple Moving Average (SMA) at $0.2197. 

DOGE is now trading well above the 200-day SMA at $0.2171. This suggests renewed bullish strength, supported by a breakout from the consolidation phase midpoint.

DOGE/USD Chart Analysis Source: GeckoTerminal
DOGE/USD Chart Analysis Source: GeckoTerminal

Can DOGE Bulls Break Through To $0.25?

The Relative Strength Index (RSI) is currently at 65.20, approaching the overbought level at 70. This indicates strong momentum and also space for the bulls to push the price of DOGE before it becomes overextended.

Moreover, the Moving Average Convergence Divergence (MACD) has turned bullish, with the blue MACD line now crossing above the orange signal line, showing that momentum is turning positive.

The Chaikin Money Flow (CMF) is also turning positive, currently at 0.08, a sign of positive buying pressure. This shows that capital inflows are supporting the price of DOGE rally, further strengthening the bullish case.

The breakout suggests that the price of Dogecoin could test the $0.24 resistance zone again. A decisive close above this level would open the door toward $0.25.

Meanwhile, failure to sustain above $0.23 may lead to a pullback toward the $0.22 support area.

The DOGE ETF news could turn the price of Dogecoin towards the $0.25 level, as data from Polymarket shows that the odds of a Dogecoin ETF approval have surged to 92%.

The Dogecoin dominance is currently consolidating around 0.92% after recovering from its 0.72% low, showing a sideways-to-slightly bullish structure but still capped below the 1.0% resistance zone.

DOGED Chart Analysis Source: TradingView
DOGED Chart Analysis Source: TradingView

Dogecoin Leads Altcoin Market Rally

DOGE has now soared 10% in the last week, as the Altcoin market gains momentum. According to the weekly altcoin chart, its total market capitalization has been surging in the previous day, with XRP, Solana (SOL), and Hyperliquid (HYPE) leading the surge and showing strength recently.

Altcoin Market Cap Chart

Meanwhile, the CMC Crypto Altcoin Season Index shows that altcoin season is underway, as it moves towards the 80 level, currently at 56/100.

CMC Crypto Altcoin Season Index

The surge in altcoin activity comes amid growing expectations of a Fed rate cut at the September 17 FOMC, something that was bolstered further by a weak jobs report on Friday. 

Related News:

  • Metaplanet Expands Bitcoin Hoard With $15.2M Buy As Shares Implode 32%
  • Ripple CTO David Schwartz Changes His X Avatar To A PHNIX NFT
  • World Liberty Financial Price Overview for September 7 

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