Dogecoin ($DOGE) demonstrates bullish momentum after breaking a key descending trendline on the weekly chart.
Dogecoin Trendline Breakout
According to crypto analyst Sheldon The Sniper, Dogecoin has decisively broken above a long-term descending trendline. This line had capped upward moves since DOGE’s late 2024 highs. Currently, DOGE is trading around $0.179, with bullish weekly candles forming above the former resistance.
ETF Approval Odds Decline
Despite the positive price action, optimism regarding a Dogecoin ETF has slightly waned. Data from prediction market Polymarket shows that the odds of a DOGE ETF approval by 2025 have declined to 75%, down from 81% earlier in the week. This decline follows former President Donald Trump’s announcement of a crypto ETF that excludes meme coins like DOGE.
Resistance at $0.21
DOGE recently broke through the $0.1735 Fibonacci level, hitting intraday highs above $0.21 before pulling back to $0.2007. Charts show a red supply block at $0.21, indicating increased seller activity at that level. However, rising volumes suggest that buyers remain in control for now.
Dogecoin continues to show signs of bullish activity, but uncertainty regarding ETF approval and resistance at $0.21 may impact its trajectory in the near term.
