Dogecoin has gained attention after holding above the $0.23 mark. The asset has shown signs of strength, contributing to its price growth.
DOGE Holds Key Level
Dogecoin recently bounced from the $0.21 to $0.22 range, which served as support. As of press time, Dogecoin was trading around $0.24, with a 24-hour trading volume exceeding $3.39 billion, marking an 11% increase over the past week. The $0.23 level, once resistance, now seems to hold as support.
DOGE ETF Launch Draws Investor Attention
The recent announcement regarding the REX-Osprey DOGE ETF has added to the interest in Dogecoin. The ETF is set to launch on September 11 and will be the first in the U.S. to track an asset with no declared utility. Bloomberg ETF Analyst Eric Balchunas confirmed that the ETF will launch without leverage, which is significant considering over 30 other crypto ETF applications are under review by U.S. regulators.
Traders Eye Resistance Levels
The next focus level for traders is $0.25. A move above this level could pave the way for further increases. The $0.29 level is also viewed as a long-term resistance point. Crypto analyst Ali Martinez noted, "Next move for Dogecoin: break $0.29, and we could be looking at a run to $0.50."
The market situation for Dogecoin remains optimistic as the asset holds its positions above key levels. Investors may expect further developments in the coming days.
