Dogecoin is gaining renewed attention following an important update in its journey toward a spot ETF. Bitwise, one of the leading crypto asset managers, has amended its application for a spot Dogecoin ETF, bringing in critical updates like in-kind creation and redemption—a move that significantly boosts the chances of approval.

Despite this positive development, Dogecoin’s price remains subdued, trading at approximately $0.162, and showing weak technical signals. However, analysts continue to project a bullish long-term outlook, with some predictions going as high as $20 per DOGE during this cycle.

Bitwise Pushes Forward with Dogecoin ETF

Bitwise’s decision to revise its ETF application signals clear coordination with the U.S. Securities and Exchange Commission (SEC). The inclusion of in-kind swaps in the filing allows authorized participants to exchange DOGE tokens for ETF shares directly, rather than dealing in cash.

Bloomberg ETF analysts Eric Balchunas and James Seyffart have noted that this update likely means the SEC will approve in-kind creation and redemption across all upcoming spot crypto ETFs. This is a positive step not just for Dogecoin but for the broader cryptocurrency ETF landscape.

In addition to Bitwise, 21Shares and Grayscale are also preparing spot Dogecoin ETF applications. With several contenders and coordinated regulatory progress, Bloomberg analysts now place the approval odds for DOGE ETFs at over 90%.

Market Reaction: Price Lags Behind ETF Optimism

Despite the bullish ETF headlines, Dogecoin’s price has slipped 1.76% in the last 24 hours, continuing a downtrend that began in early June. From a monthly high of around $0.23, DOGE has gradually declined, now consolidating near $0.162.

Technical analysis shows neutral momentum from most oscillators and bearish signals from moving averages. While DOGE has found some support near $0.15, the resistance zone between $0.17–$0.172 remains unbroken. Without a volume-backed breakout above this level, upward momentum may remain limited in the short term.

Analysts Remain Bullish on Long-Term Dogecoin Prospects

While current price action is underwhelming, long-term forecasts remain highly optimistic. Crypto analyst Trader Tardigrade has pointed out that Dogecoin historically performs in explosive moves during bull cycles. In past cycles, DOGE climbed from $0.0003 to $0.0026 and then to $0.009. This time, he anticipates a leap from $0.42 to $1.46, with the potential to reach $4 if momentum holds.

Even more aggressively, Javon Marks suggests that Dogecoin could surge over 120x from current levels, putting a long-term target of $20 within reach if the historical pattern of expanding gains continues.

These projections depend heavily on Dogecoin reclaiming technical strength and breaking above key resistance levels. They also assume the broader crypto market will enter another expansion phase, supported by ETF inflows and institutional interest.

DOGE Faces Crucial Short-Term Test

For the bullish case to gain traction, Dogecoin must decisively break through the $0.17–$0.172 resistance zone. A high-volume move above this level would signal a short-term trend reversal and could attract renewed investor interest.

On the flip side, failure to hold above $0.15 could open the door for a retest of lower support levels, especially if market sentiment weakens further. DOGE currently trades below its 50, 100, and 200-day EMAs, reinforcing the need for a strong reversal catalyst—something a spot ETF approval could potentially provide.

ETF Approval Could Be a Game Changer

Should the SEC greenlight Dogecoin ETFs, the implications for DOGE could be significant. Spot ETFs bring increased credibility, access to institutional capital, and new liquidity into the market. While immediate price effects are hard to predict, history suggests ETF approvals often coincide with upward market movements.

Investors are now watching closely for further updates from Bitwise, 21Shares, and Grayscale, all of whom are racing to bring Dogecoin investment products to traditional financial markets.

Conclusion

Dogecoin is at a crossroads. While ETF momentum is building and long-term price targets are ambitious, the asset’s immediate technicals remain weak. The next few weeks could prove crucial: ETF approval combined with a breakout above resistance may finally align sentiment, fundamentals, and price for the first time this cycle.