Summary
- Dogecoin price jumped 7% as traders bet on Thursday’s DOJE ETF debut
- Technical show strong buy signals with bullish momentum building
With the first Dogecoin exchange-traded fund (ETF) about to open on Thursday, traders are investing early enough to drive the price up, and volume is skyrocketing.
Dogecoin ETF Launch Confirmed Under 1940 Act Fast-Track
ETF analysts at RBC Eric Balchunas validated that the DOJE ETF will launch on Thursday, Sept. 11, under the SEC 1940 Act fast-track rule. This is an example of a regulatory mechanism previously applied in Ethereum and Bitcoin ETFs, but it provides structured investment vehicles with faster approval.
Nate Geraci, president of The ETF Store, says that the DOGE ETF will roll out this week on X. Get ready. I believe we have the next two months of crazy crypto ETFs. This is an important move, as the launch will be the first meme coin ETF to be listed on an American exchange.
Investor interest has already increased. During the last 24 hours, Dogecoin has increased in value by about 7%, and the trading volume has doubled. DOGE is currently at 0.247, which remains far below its all-time high of 0.73, reached in May 2021.
Technical Signals Indicate Bullish Setup Ahead of Catalyst
Technical indicators are positive about further upside as we head to the catalyst of Thursday. Buy signals are flashing, moving averages in all time periods: 10, 20, 50, 100, and 200-day moving averages. Relative Strength Index (RSI) stands at 62, lower than overbought (70), meaning it can experience additional gains without worrying about imminent correction.
Oscillator data such as MACD, Awesome Oscillator, and Momentum also bias towards the bullish side. Things are not heating up thoroughly, but the trend is moving in that direction.
The traders are starting to buy the rumor and are positioning to break out above the resistance band of 0.25-0.26. In the event that such a level is violated with conviction, short-term upside may come faster than you can say Jack, particularly in cases where ETF interest leaks into retail-oriented flows.
DOGE is, however, a narrative-based asset. The ETF may as well provoke a sell-the-news reversal should the launch underperform. Market observers also expect a possible Dogecoin commentary by Elon Musk, which has been known to move the market instantly in the past.
Dogecoin’s volatility is essentially the cryptocurrency’s characteristic feature, and even today, the graph indicates a bullish outlook before the launch of ETFs on Thursday.
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