Dogecoin (DOGE-USD) is back in the spotlight as traders eye a possible rally to $0.50. With the first U.S. DOGE exchange-traded fund (ETF) set to debut this week and whales piling into the token, momentum is building fast. Consequently, DOGE has increased almost 17% in the past 5 days. But the main question is whether the meme coin can finally crack key resistance levels or if the hype will fizzle.
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Bulls Build Momentum around $3 Billion Market Levels
Dogecoin has been trading near $0.24, steady after a 16% weekly gain. The token broke out of a symmetrical triangle pattern, showing the kind of technical setup that often signals more upside. Analysts point to $0.29 as the critical resistance level. If buyers can push the price beyond that point with volume, the door opens for a sharp rally toward $0.50.
Ali Martinez, a well-followed crypto analyst, said that if DOGE breaks $0.29, then Dogecoin could double. His chart suggests the coin has been making higher lows since mid-July, a sign of accumulation and steady buying pressure.
Whale Activity Reinforces Confidence
On-chain data backs up the bullish story. Large holders have accumulated roughly 280 million DOGE just this week. This type of whale buying is often a leading indicator, reflecting confidence that bigger moves are ahead.
At the same time, futures open interest has surged past $4.5 billion, showing traders are betting heavily on further upside. The pattern resembles a bullish pennant, and if momentum holds, the rally could stretch toward $0.31 to $0.36 before attempting the $0.50 target.
The First DOGE ETF Adds Fuel to the Fire
Perhaps the biggest catalyst is the launch of the Rex-Osprey Dogecoin ETF, set for Friday, September 12. This marks the first U.S. ETF dedicated to a meme coin, giving both retail and institutional investors direct exposure to DOGE through traditional markets.
ETF analyst Eric Balchunas described it as the start of the “meme coin ETF era,” a watershed moment where assets built on internet culture are being packaged into regulated products. For Dogecoin, the ETF could mean new capital inflows and a stronger case for mainstream adoption.
Risks Linger Below the Surface
For all the optimism, the risks are clear. If DOGE fails to break above $0.29, the price could retrace toward $0.205, with a deeper slide possible toward $0.175. Oscillators still show mixed signals, hinting that momentum could stall if buyers lose conviction.
Even with ETF excitement, some market watchers caution that meme coins remain highly speculative. A decisive move in either direction will likely happen soon, making the next few trading sessions critical.
At the time of writing, Dogecoin is sitting at $0.2503.
