Dogecoin remains in a bear market after plummeting by over 47% from December's peak.
Current Dogecoin Price Situation
The Dogecoin token was trading at $0.255 on Thursday as recovery from last week's crash eased. Many investors expect the Securities and Exchange Commission to approve a Dogecoin ETF later this year. According to Polymarket, the odds of a Dogecoin ETF approval have risen from 27% in January to 62% on Thursday.
Investor Predictions and Expectations
Companies like Rex Osprey and Bitwise have already filed for a Dogecoin ETF, and more may follow. However, analysts doubt that the Trump administration will approve a Strategic Dogecoin Reserve this year, with odds stuck at 10%. Another predictive data suggests that the odds of Dogecoin hitting $1 have dropped significantly. Kalshi data shows odds of reaching $1 by June 1 at 5%, and by January 2026 have fallen from over 60% last November to 19%.
Dogecoin Technical Analysis
The daily chart shows that DOGE price remains under pressure after a fall of over 47% from its December peak. It remains below the 50% Fibonacci Retracement point at $0.2825. Dogecoin is also nearing a 'death cross' pattern as the gap between the 50-day and 200-day Exponential Moving Averages narrows, often indicating further declines. Additionally, Dogecoin is forming a 'break and retest' pattern, signaling a bearish continuation. A drop below $0.20 could lead the coin further to the $0.15 level, the 78.6% Fibonacci Retracement point.
Current market trends and technical indicators suggest a potential continued decline in Dogecoin price. Despite expectations of ETF approval, bearish market factors point to possibly reaching lower levels.
