Dogecoin Rebounds Above $0.15 as ETF Filing and Technical Patterns Fuel Optimism

Dogecoin (DOGE) has staged a notable recovery, gaining 5% in the last 24 hours and surpassing the $0.15 level. This rebound is part of a broader market recovery and follows a sharp decline, with the meme coin gaining over 10% in the past two days. The price action is supported by key technical levels between $0.13 and $0.15, and increased trade volume indicates returning buyer interest.

A significant catalyst for the positive sentiment is the institutional interest signaled by 21Shares' fifth amended filing for a spot Dogecoin ETF. The proposed ETF, to be listed on Nasdaq under the ticker TDOG, would track the CF Dogecoin-Dollar US Settlement Price Index, adding a layer of legitimacy and potential for wider adoption.

On the technical front, analysts are closely monitoring two key patterns. A falling wedge formation on DOGE's chart suggests potential for a bullish breakout if the price can breach the upper trendline. Concurrently, the price is trading within a clear corrective channel that has guided the market since mid-November, with a critical micro-support level at $0.136. A close above the channel's upper boundary is needed to maintain a bullish 'yellow scenario,' while a break below support could see prices test deeper Fibonacci levels near $0.1326 and $0.1157.

Market indicators reflect the improved outlook. The Relative Strength Index (RSI) reads a bullish 61.49, and the Moving Average Convergence Divergence (MACD) shows a positive crossover. Dogecoin's market capitalization stands at $22.509 billion, while its Total Value Locked (TVL) in DeFi has seen growth, currently at $13.96 million. Key resistance levels to watch for a continued rally are $0.16 and $0.18, with a potential target of $0.20 on a successful breakout.