Dogecoin (DOGE) price may be on the verge to break out to $0.29 due to new activity from institutions, along with bullish technical signs. The meme coin has gained renewed attention from traders and analysts due to recent Dogecoin ETF news.
21Shares ETF Filing Draws Attention to Dogecoin Price
On May 29, 21Shares formally filed for a Dogecoin exchange-traded fund (ETF). The filing represents the first major effort to provide regulated ways to invest in DOGE in the United States. The decision comes after the approval of various ETFs, including Bitcoin, and growing interest in Ethereum products.
Notably, it aims to make Dogecoin available directly to investors via an exchange-traded fund. Consequently, more investors who are limited by regulations or conventional methods might be interested in the offering.
Should it be approved, the ETF could improve liquidity in DOGE trading and let big investments flow in without users needing to manage their wallets.
Technical Formation Hints at DOGE Price $0.29 Breakout
Meanwhile, as investor interest increases, technical analysts are keeping a close eye on Dogecoin price chart setup.
As per data provided by Trader Tardigrade, DOGE charts on the daily level have formed an ascending triangle. This pattern showed four points where the price touches support and resistance before moving upwards.
Dogecoin Price Chart Source: X
According to the chart, DOGE price is approaching the top of the triangle, meeting significant resistance around $0.245.
A close above that point with strong volume could lead to a rise in DOGE price, aiming for the zone around $0.285–$0.29. The expected move follows the triangle’s vertical height plus the breakout level.
Analyst Sees Potential Meme Coin Breakout by Early June
More so, Trader Tardigrade has shown a possible path that could cause a breakout. After the current phase of consolidation, a final minor move may happen before the breakout takes place.
According to the forecast, this may happen in the first week of June as long as both market momentum and volume remain favorable.
In a separate analysis, Trader Tardigrade identified an inverse head and shoulders (iHS) pattern on DOGE price daily chart. This classic bullish reversal structure suggested a trend change, with the neckline positioned around $0.255.
The formation featured two rounded shoulders and a pronounced head, indicating a strong base forming at lower levels before an expected upward move.
Dogecoin Price Chart Source: X
Consequently, the target from the breakout is projected at $0.37, calculated from the height of the head to the neckline. This level aligned with previous support-turned-resistance zones, adding weight to the projection.
A confirmed breakout above the neckline with volume could validate this setup and trigger a continuation rally. It may potentially accelerate the meme coin’s momentum into the next quarter.
DOGE Price Consolidates in a Bullish Flag Pattern
Another analyst, FLASH Trading, pointed out that the meme coin displayed a classic breakout from an extended falling wedge. This is a sign that usually leads to the end of a downward trend.
Dogecoin Price Chart Source: X
After the breakout, DOGE price has been consolidating inside a narrowing bull flag pattern. The analyst pointed out that this phase could bring a market-wide move for altcoins as investors begin to feel more optimistic.
Additionally, a close above $0.245 could lead to a move toward $0.423. According to FLASH, a stable market and rising Bitcoin price to $120,000 could benefit DOGE and other altcoins. The setup is similar to the usual way markets form during the early stages of a bull market.
At the time of writing, Dogecoin price was trading at $0.21, up 0.21% over the past 24 hours. The price recovered from an intraday low near $0.217 and is currently consolidating in a tight range above $0.2235. This showed intraday bullish momentum after early losses.
