Financial services firm 21Shares has introduced its physically-backed Dogecoin ETF on Nasdaq under the ticker TDOG. As previously mentioned, the product offers traditional investors direct exposure to the popular memecoin without requiring them to own cryptocurrency.
The launch comes amid growing optimism from market analysts who believe Dogecoin may be positioned for substantial price appreciation. Technical patterns observed over recent years suggest the digital asset could be preparing for another significant upward movement.
At the time of writing, Dogecoin trades at around $0.1249, down 1.29% in the last 24 hours.
Recurring Cycle Patterns Signal Potential Breakout
Analyst Bitcoinsensus has identified a recurring pattern in Dogecoin’s price behavior since 2023. The cryptocurrency has exhibited what the analyst describes as “mini cycles” characterized by extended consolidation periods followed by explosive rallies.
Historical data supports this observation. Following a price surge in late 2022, Dogecoin entered a tight consolidation phase. This accumulation period preceded a 190% breakout in early 2024. The memecoin repeated this behavior throughout 2024, spending months in a narrow trading range before delivering a 480% rally by year’s end.
Currently, DOGE has remained within the $0.125 to $0.280 price range for nearly twelve months. Bitcoinsensus believes this prolonged consolidation mirrors previous patterns and could precede another major rally. The analyst’s target for the next breakout sits near $0.750, representing substantial upside from current levels.
Technical Analysis Points to Bullish Momentum
Trader Tardigrade has echoed similar sentiment regarding Dogecoin’s prospects. The market observer notes that current price action appears to mirror the cryptocurrency’s behavior between late 2022 and 2024. This historical comparison suggests the memecoin may be preparing for another explosive move higher.
The extended consolidation phase has created what many technical analysts view as a compression pattern. Such formations often precede significant directional moves as market participants accumulate positions before a breakout occurs.
Source: https://coinpaper.com/13979/dogecoin-price-prediction-analysts-eye-0-75-target-as-21-shares-launches-doge-etf
