DOGE Price Forecast: A double bottom formation appears. Will Powell’s speech be a savior?

When it comes to Dogecoin, the first thing that comes to mind for many people is probably that cute Shiba Inu emoticons. But you might be surprised—this “joke-driven” meme coin is about to make another big move! Recently, Grayscale has officially submitted an application for a Dogecoin ETF. This means that the first ETF designed specifically for meme coins is on its way.

Think about it: from being just a “fun token” in the cryptocurrency world to becoming part of legitimate investment products on Wall Street, this represents a significant milestone for Dogecoin. As for whether it will further drive up the price of DOGE… well, that’s something we can only wait and see.

The U.S. Securities and Exchange Commission has set a deadline of October for applications related to various cryptocurrencies, including Dogecoin. The market expects approval, with Bloomberg analysts estimating a 90% chance of approval, which further fuels market excitement.

Traders at Polymarkets also express optimism about the approval of the Dogecoin ETF. They estimate the probability of approval at 68%. If approved, this would not only be a major milestone for Dogecoin but also a crucial step forward for the entire meme coin industry.

Dogecoin price forecast: Is a double bottom forming?

The market experienced a strong rebound after Federal Reserve Chairman Powell hinted at possible interest rate cuts in September. His speech at Jackson Hole quickly reversed the previous decline in cryptocurrency and stock markets, reigniting investors’ optimism regarding the possibility of the Fed taking measures to support economic growth.

The price of Dogecoin also showed an immediate recovery of about 7%, and it appears to be forming a double bottom pattern, which is often seen as a sign of potential significant increases in prices.

Technical indicators also support this bullish outlook: the RSI is currently at a neutral level of 51, indicating that there is still room for further gains before a pullback occurs. The MACD line is also strong, having crossed above the blue signal line.

If Dogecoin can break through its previous resistance levels (red trend lines), it could lead to a new wave of growth for meme coins. The support level remains at $0.20, which is crucial for maintaining an upward trend.

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However, even while maintaining a practical and easy-to-use approach, Maxi Doge has designed some interesting community-based features, such as staking and user competitions. These mechanisms could help keep the project active in the meme racing scene over the long term.

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For early supporters, this could be a great opportunity to achieve high returns and maximize their investments.

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