Dogecoin experienced a notable surge of nearly 6% over the past 24 hours, rising to $0.261 as traders eagerly anticipated the launch of the first U.S. Dogecoin ETF scheduled for September 12. The upcoming debut of the ETF, designated as “DOJE,” has generated significant excitement, further intensified by the accumulation of over 280 million DOGE by large investors, known as whales. This buying spree contributed to a robust trading session characterized by heavy flows, with total volume exceeding 1.1 billion DOGE.
Analysts are closely monitoring whether the token can maintain its upward momentum and achieve sustained closes above the $0.26 mark, with aspirations to break into the $0.29–$0.30 resistance area.
The background of this price activity is noteworthy, as the DOJE is poised to be the first exchange-traded product linked to a memecoin in the U.S. This development is seen as a pivotal moment for institutional participation in Dogecoin, with significant whale accumulation signaling heightened interest among large holders.
Market analysts have pointed out the presence of a bullish pennant breakout on hourly charts, suggesting that if the current momentum persists, upside targets could potentially reach between $0.28 and $0.50.
In terms of price action, DOGE recorded a gain of 5.8% during the 24-hour timeframe from September 11 at 03:00 to September 12 at 02:00, climbing from $0.246 to $0.261. The token fluctuated within a range of $0.019 (7.6%), with a low of $0.245 and a high of $0.264. A noticeable breakout occurred between 22:00 and 00:00, when DOGE surpassed the $0.253 resistance level, driven by trading volume of over 1.1 billion. However, the final hour of trading exhibited volatility, as the price pulled back from the peak of $0.264 to $0.261, although support remained firm around the $0.260 level after several tests.
A detailed technical analysis reveals key support levels with a solid base established between $0.245 and $0.246, and additional support observed at $0.260 during late-session retracements. Resistance challenges were first identified at the $0.264 price point, with broader resistance targets positioned at $0.29 and $0.50. The volume profile indicates that breakout volume significantly surpassed the 1.1 billion mark—almost three times the average levels—highlighting strong institutional flows as the ETF launch approaches.
Traders are keenly watching for several indicators in the coming days. They are particularly interested in whether DOGE will be able to sustain closes above $0.26 and make a push towards the $0.29 resistance zone. The impending ETF launch is anticipated to influence secondary flows from brokers and institutional desks, potentially accelerating market volatility. Additionally, the positioning of whales after the accumulation of 280 million DOGE in recent weeks will be pivotal. Traders are also keeping an eye on options activity centered around the $0.30 strikes, which could further drive gamma volatility in the lead-up to expirations.
