Dogecoin targets $0.115 as SEC defines meme coins as collectibles

Technical outlook: Bull flag pattern and key price levels

Crypto analyst Ali Charts reported that DOGE’s hourly chart is forming a bull flag, a pattern commonly associated with continued upward movement following a period of consolidation. The setup suggests that buyers might be preparing for another surge, though a short-term drop cannot be ruled out if selling pressure intensifies.

Resistance for DOGE is centered around the $0.090 mark, while support lies at $0.081. A decisive breakout above the resistance could act as confirmation for further gains, potentially lifting DOGE toward $0.115. This scenario would represent an approximate 30% increase from the breakout point.

A sustained move above the $0.090 resistance could trigger a rally targeting $0.115, while failure to do so could see DOGE retesting the $0.081 support level.

SEC guidance provides clarity for meme coins

Recent commentary from the US Securities and Exchange Commission has helped clarify the regulatory status of meme coins, including Dogecoin. In its new definition, the SEC classifies meme coins as collectibles, noting that their value is often driven by speculation, demand, and community sentiment rather than managerial activity by issuers.

This distinction is significant for DOGE’s position in the market. By categorizing Dogecoin as a collectible, the SEC separates it from cryptocurrencies that might qualify as securities under federal law.

Mini dictionary: US Securities and Exchange Commission (SEC): The SEC is the primary regulatory authority overseeing securities markets in the United States, responsible for protecting investors and maintaining fair, orderly, and efficient markets.

Dogecoin, initially created as a meme-inspired cryptocurrency, has grown into a major community-driven digital asset. While its collective-driven nature is acknowledged, the SEC’s categorization means DOGE does not benefit from the investor protections that apply to securities.

Labeling DOGE as a collectible clarifies its regulatory environment in the US but limits the protections available to investors.

Outlook for DOGE

The immediate future for Dogecoin will likely depend on whether the price can break through key resistance at $0.090. A successful move could spark additional bullish momentum, whereas a decline below $0.081 may lead to further losses.