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Following Bitwise’s and Rex Shares’ recent application for spot Dogecoin ETFs in the United States, crypto analyst Ali Martinez has provided a technical outlook suggesting Dogecoin (DOGE) could ascend to $15. His analysis, detailed in a logarithmic chart spanning from 2017 to 2025, captures a massive ascending channel that highlights the potential upward trajectory for DOGE. Dogecoin Targets $15
Martinez’s chart delineates a long-term ascending channel where Dogecoin’s price action is bounded by a structure consisting of three parallel trendlines. The lowest of these lines has consistently served as a firm support since 2017, aiding the price to stabilize during significant downturns, notably in early 2019 and again in mid-2022. The median line of the channel, which presently hovers around $0.40 to $0.45, has just been tested by DOGE as it recently surged to this level, marking a critical inflection point that was last touched in early 2022. Related Reading Dogecoin ETF Filing Takes Market By Storm, Can Positive Sentiment Trigger 200% Rise To $1 ATH? 1 day ago
The upper boundary of the channel, which is the focus of Martinez’s bullish forecast, is projected to climb well above $10, touching as high as $15 by late 2025. This top trendline is not just a theoretical limit but has proven to be the bull run top twice for the Dogecoin price, once in January 2018 and then in May 2021. At the last all-time high in May 2021, Doge even significantly exceeded the channel. Dogecoin price analysis – Source: X @ali_charts
Martinez’s prediction highlights the spot Dogecoin ETFs as potential market catalysts. He suggests that the approval and launch of such financial products could channel fresh institutional and retail investment into DOGE, propelling it towards these higher valuations.
In trading terms, the current position of DOGE below the median line is pivotal. This price level has historically acted as a springboard for upward movement when sustained buying pressure is present. Should DOGE maintain its footing above this zone, the pathway to higher resistance levels around $1.00, and potentially the channel’s upper echelon near $15, appears technically feasible. Related Reading Dogecoin Momentum Weakens: RSI Signals Bearish Continuation To $0.3 2 days ago
Notably, the spot Doge ETFs could hit the market as early as April, according to Bloomberg’s ETF specialist Eric Balchunas. Bitwise officially lodged the application to register a Dogecoin ETF on Wednesday.
The company submitted its proposal, named the “Bitwise Dogecoin ETF,” to the Delaware Division of Corporations, which is part of the U.S. Department of State. Although such registrations can occasionally be misleading, Balchunas confirmed via X: “Bitwise Doge ETF likely coming soon.. and yes I checked and this is def legit (vs some whack job committing forgery for a quick pump a la BlackRock XRP that one time).”
Registering in Delaware represents an initial step before advancing to a formal ETF submission with the Securities and Exchange Commission (SEC). This registration process sets up the legal structure that would manage the proposed ETF but does not constitute a direct application for SEC approval.
This initiative follows an earlier application by investment firms Rex Shares and Osprey Funds, both of which have also filed applications for multiple cryptocurrency ETFs, including one focused on Dogecoin.
At press time, DOGE traded at $0.34. DOGE price,1-week chart | Source: DOGEUSDT on Tradingview.com Featured image created with DALL.E, chart from TradingView.com