Dogecoin ETF Hopes Soar as Bitwise Amends Filings, Price Action Mixed

Optimism is growing within the Dogecoin community following significant strides towards a spot Dogecoin Exchange-Traded Fund (ETF). Bitwise, a leading crypto asset management firm, has amended its S-1 filings for a spot Dogecoin ETF. This update is largely viewed as a constructive engagement with the U.S. Securities and Exchange Commission (SEC), potentially paving the way for approval. The revised filing notably includes provisions for in-kind creation and redemption, a feature analysts believe the SEC is likely to mandate for all spot ETFs, increasing the likelihood of regulatory green light.

Current Price Performance and Technical Outlook

Despite the positive news surrounding the ETF developments, Dogecoin's price has seen a recent dip. Currently trading around $0.162, the meme coin registered a 1.8% decline in the last 24 hours as of the article's context in June. Technical indicators present a mixed picture: while oscillators lean neutral, moving averages currently signal a sell. Dogecoin has established a support level near $0.15 but faces considerable resistance in the $0.17 to $0.172 range, indicating a challenging short-term trading environment.

Bullish Long-Term Forecasts

Despite the immediate price fluctuations, expert analysts maintain a strong bullish outlook for Dogecoin's long-term trajectory. Trader Tardigrade envisions substantial price jumps in the current market cycle, with predictions potentially reaching $4. Even more ambitiously, analyst Javon Marks projects an astounding surge of over 120 times from present levels, which could propel DOGE to $20. These optimistic forecasts are bolstered by the fact that other major players, including 21Shares and Grayscale, are also actively pursuing a spot Dogecoin ETF. Bloomberg analysts further reinforce this sentiment, estimating a 90% or higher probability of approval for most spot crypto ETFs, including Dogecoin, in the near future.